by Larry Felton Johnson

After a one-week surge, Georgia gasoline prices fell three cents over the past seven days to an average price of $3.03 per gallon for regular unleaded.

Still, prices are 16 cents more than a month ago, and 13 cents more than this time last year.

Oil prices have fallen despite recent announcement of OPEC+ production cuts, contributing to a national decline in gasoline prices.

“Georgians felt some relief at the pumps this weekend,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Increasing supply and steady gasoline demand have contributed to pushing pump prices lower. As demand stays low and stocks grow, drivers will likely continue to see pump prices decrease this week.”

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.119, roughly nine 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.

What are the national trends?

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 9 cents to $3.15 (subject to change overnight). 

The main reason is a weaker cost for oil, which is struggling to stay above $70 per barrel.  

The falling price comes just a week after OPEC+ announced voluntary production cuts of about 2 million barrels daily.  

But instead of viewing it as coal in the stocking, the oil market response has thus far been a resounding “meh.”

According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.21 to 8.47 million barrels a day last week. 

Meanwhile, total domestic gasoline stocks increased significantly by 5.4 million barrels to 223.6 million barrels. 

Despite low gas demand, supply growth has helped push pump prices lower. If oil prices remain low, drivers can expect pump prices to do the same during the holiday season.

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.”