Georgia gasoline prices remained unchanged over the past week, according to the weekly report from AAA.
Drivers here are currently paying an average of $3.22 per gallon for regular unleaded gasoline, which is the same as it was a week ago. The price is seven cents more than a month ago and 74 cents less than a year ago. Filling up a 15-gallon tank of regular gasoline costs around $48.30, which is $12.00 cheaper than it was a year ago.
“Spring has sprung, and Georgia drivers were more concerned with pollen covering their vehicles than gas prices rising at the pumps,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “We may be seeing a return to seasonal trends in demand with warmer weather and longer days, however, fears of a recession caused global oil prices to hover near $70 a barrel, which took the edge off of rising gas prices.”
Gasoline prices in Cobb County
The price of a gallon of regular unleaded in Cobb County is $3.207, about a cent less 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:
Nationally Gas Prices Are Stuck in Neutral for Now
Since last Monday, the national average for a gallon of regular gasoline has decreased by 1 cent to $3.43 (subject to change overnight). According to data from the Energy Information Administration (EIA), gas demand increased from 8.59 million to 8.96 million barrels a day. Meanwhile, total domestic gasoline stocks decreased significantly by 6.4 million barrels to 229.6 million barrels. Increasing demand amid tighter supply would typically push pump prices higher; however, recent lower oil prices continue to push prices down.
Oil Market Dynamics
At the close of last Wednesday’s formal trading session, WTI increased by $1.23 to settle at $70.90. Crude prices rose after the EIA reported that demand grew amid a reduction in gasoline stocks, signaling to the market that demand may be more robust than anticipated this year despite ongoing economic concerns. Additionally, the EIA reported that total domestic commercial crude inventories increased by 1.1 million barrels to 481.2 million barrels last week.
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.”