Georgia gasoline prices take a significant jump on news of OPEC production cuts

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

Posted By: Larry Felton Johnson April 10, 2023

Gasoline prices in the state took a significant jump over the past week on the surprise announcement of production cuts from OPEC.

Georgia drivers are now paying an average of $3.37 per gallon for regular unleaded gasoline, which is 15 cents more than a week ago, 13 cents more than a month ago, but 41 cents less than this time last year. Filling up a 15-gallon tank of regular gasoline now costs $50.55, which is $6.00 less than a year ago.

“In response to OPEC’s announcement last week crude oil rose over $80 a barrel,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “This has led to the price of oil stabilizing for now, but the cost of oil accounts for more than 50% of what we pay at the pump, so Georgians may not catch a break at the pump any time soon.”

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.37, the same as 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.

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

OPEC Surprise Leads to Higher Gas Prices

Since last Monday, the national average for a gallon of regular gasoline has increased by 10 cents to $3.60 (subject to change overnight). According to data from the Energy Information Administration (EIA), gas demand increased slightly from 9.15 to 9.3 million barrels a day last week. Meanwhile, total domestic gasoline stocks decreased substantially by 4.1 million barrels to 222.6 million barrels. Increased demand amid tighter supply has contributed to pushing pump prices higher. If demand continues to rise, pump prices will likely follow suit.

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.”