Despite increase in demand, Georgia gasoline prices dropped on decrease in crude oil prices

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

Posted By: Larry Felton Johnson May 1, 2023

Gasoline prices in Georgia continued to decline over the past week, dropping an average of six cents per gallon. This happened despite an increase in demand, which would normally drive prices up.

Gas prices in the state  have decreased compared to the previous week, month, and year. 

Drivers are currently paying an average of $3.31 per gallon for regular unleaded gasoline, with a 15-gallon tank of regular gasoline costing $49.65. Compared to last year, drivers are saving $6.00 at the pump.

“The decline in crude oil prices continues to be the main reason for lower gas prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “As long as the oil cost keeps wobbling around the low to mid $70s per barrel, Georgians will benefit when they fuel up at the pump.”

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.30, 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.

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 $3.61(subject to change overnight). 

“According to data from the Energy Information Administration (EIA), gas demand increased significantly from 8.52 to 9.51 million barrels a day last week. 

“The spike in demand surprised market observers, but the estimate could be revised when EIA releases final demand measurements for April. Meanwhile, total domestic gasoline stocks decreased by 2.4 million barrels to 221.1 million barrels

“Higher demand, alongside a decline in stocks, would typically push pump prices up; however, fluctuating oil prices have pushed them lower. If oil prices continue to decline, 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.”