Average cost of gallon of gasoline in Georgia jumps 7 cents since last week

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

The Georgia gas price average increased seven cents over the past week, driven by increases in the cost of oil. 

Georgia drivers now pay an average price of $3.02 per gallon for regular unleaded gasoline.

According to the weekly report from AAA, Monday’s state average is 7 cents more than a week ago, 1 cent more than a month ago, and 37 cents less than this time last year. 

“Georgians experienced unwelcomed spikes at the pumps this weekend,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Although gas demand has declined, crude oil prices have increased, pushing gas prices higher. If oil prices drop in the week ahead, this recent price bounce may fade.”

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.06, four 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 increased by 3 cents to $3.10 (subject to change overnight). The meandering journey is likely caused by low gas demand countered by slightly higher costs for oil.  The result is a pump price stalemate.

According to data from the Energy Information Administration (EIA), gas demand dipped from 8.27 to 7.89 million barrels a day last week. Meanwhile, total domestic gasoline stocks increased by 4.9 million barrels to 253 million barrels. Due to fluctuating oil prices, lower gas demand, and rising stocks, pump price increases have been limited. If oil prices continue to see upward pressure, drivers could see pump prices increase steadily in the weeks ahead.

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.”