Gasoline prices dropped in Georgia over the past week on oil price plunge, slow demand

Gasoline pump resting in its cradle used in articles about Georgia gasoline prices

According to the latest weekly report from AAA, drivers in Georgia are paying a bit less for gasoline this week than Monday of last week.

Drivers in the state are now paying an average of $3.22 per gallon for regular unleaded gasoline, which is 4 cents lower than a week ago, the same as a month ago, and 96 cents lower than this time last year. Filling up a 15-gallon tank of regular gasoline costs $48.30, which is $15.00 less than a year ago.

“Georgians felt some relief at the pumps this weekend,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Slow demand and the price of crude oil plunging into the low to mid $60 per barrel, a level not seen since August 2021, contributed to the decrease in gas prices.”

Gasoline prices in Cobb County

The average price of a gallon of regular unleaded in Cobb County is $3.22, the same as the statewide average.

Advertisement

It is always possible to find lower gas prices than the average by comparison shopping or using tools like http://gasbuddy.com.

AAA’s weekly report stated the following about national gas and oil trends:

“Gas Prices Hold Steady Amid Economic Turbulence

“Since last Monday, the national average for a gallon of regular gasoline has decreased by 3 cents to $3.44 (subject to change overnight). 

“According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.56 million to 8.59 million barrels a day last week. 

“Meanwhile, total domestic gasoline stocks decreased by 2.1 million barrels to 236 million barrels. 

“Typically, increased demand amid tighter supply would push pump prices higher; however, lower oil prices have countered this effect. If crude oil prices keep falling, drivers could see pump prices continue to decline.

“Oil Market Dynamics

“At the close of last Wednesday’s formal trading session, WTI decreased by $3.72 to settle at $67.61. Crude prices dropped that week amid rising market concerns about the health of the global banking sector. 

“Low confidence in the sector and fears that regulatory responses could tip the economy into a recession could push crude demand down alongside prices.”

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.”

Advertisement