High demand plus low oil prices result in slight rise in Georgia gasoline price

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

Posted By: Larry Felton Johnson May 15, 2023

Higher demand for gasoline combined with lower crude oil prices nearly canceled each other out, leading to a two-cent increase in Georgia’s gasoline prices, according to the latest weekly report from AAA.

Gas prices in Georgia have increased slightly compared to a week ago, but are still significantly lower than last year, with drivers currently paying an average of $3.26 per gallon for regular unleaded gasoline. This results in a saving of almost $2.00 when filling up a 15-gallon tank compared to last month.

“The lackluster movement can be attributed to higher demand for gasoline but a lower cost for oil canceling each other out,” 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 may benefit when they fuel up at the pump ahead of Memorial Day travel.”

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.286, roughly three cents 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.

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 1 cent to $3.53 (subject to change overnight). 

“According to data from the Energy Information Administration (EIA), gas demand grew substantially from 8.62 to 9.30 million barrels a day. 

“The spike is higher than some market observers expected; the estimate could be revised when EIA releases final demand measurements for May. 

“Meanwhile, total domestic gasoline stocks decreased by 3.2 million barrels to 219.7 million barrels. Higher demand and a reduction in stocks have slowed pump price decreased by 3.2 million barrels to 219.7 million barrels. Higher demand and a reduction in stocks have slowed pump price decreases.”

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.”

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