The average price of a gallon of unleaded gasoline in Georgia continued to decline over the past week, according to the weekly report from AAA – The Auto Club Group.

Georgia drivers are currently paying an average of $3.24 per gallon for regular unleaded gasoline, which is 7 cents less than a week ago, 12 cents less than a month ago, and 57 cents less than a year ago. It now costs $48.60 to fill a 15-gallon tank of regular gasoline, which is almost $9.00 less than it was a year ago.

“The oil market volatility is leading to lower prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “And we are also in a pre-summer driving season lull regarding domestic demand. These two factors should keep pump prices drifting lower for Georgians.”

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County averages $3.248, roughly a cent 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:

“The fear of a global economic recession is the leading cause of falling pump prices. 

“The price for oil has dropped nearly $20 per barrel recently to the upper $60s, which has spurred the retreat for gas prices. Since last Monday, the national average for a gallon of regular gasoline has decreased by 7 cents to $3.54(subject to change overnight). 

“According to data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.51 to 8.62 million barrels a day last week.

The drop in demand is more in line with what market observers expected last week. 

“The estimate could be revised when EIA releases final demand measurements for May. Meanwhile, total domestic gasoline stocks increased by 1.8 million barrels to 222.9 million barrels. 

“Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower. If demand remains low, drivers will likely continue to see pump prices decline.”

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.”