Georgia drivers experienced another significant decrease in gas prices this week.
The average cost of regular unleaded gasoline is now $3.15 per gallon, a drop of 7 cents from last week, 23 cents from last month, and 34 cents from this time last year. Filling a 15-gallon tank of regular gas now costs $47.25, $3.00 less than last month.
“The decline in gas prices is primarily being driven by a decrease in crude oil cost and slow demand,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “The cost for oil accounts for 55% of what we pay at the pump, therefore, higher or lower oil costs will dictate the price we pay for gas going forward.”
Cobb County gasoline prices over the past week
The average price of a gallon of regular unleaded in Cobb County is $3.195, roughly five cents more than the statewide average.
It is always possible to find lower gas prices than the average by comparison shopping or using tools like http://gasbuddy.com.
What are the national trends?
AAA’s weekly report stated the following about national gas and oil trends:
“Since last Monday, the national average for a gallon of regular gasoline has decreased by 5 cents to $3.36 (subject to change overnight).
“The main reason is the crude oil price, which fell into the mid $70s per barrel, nearly $5 cheaper than a week ago.
“According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.27 million barrels a day to 8.91 million barrels a day. Meanwhile, total domestic gasoline stocks decreased by 1.8 million barrels to 240.1 million barrels last week.
“However, if gas demand keeps rising amid tightening domestic stocks, drivers may see an end to future pump price drops.”
How does AAA determine gas prices?
According to AAA:
“AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.”