Drop in demand, increased supply fuels further decline in Georgia gasoline prices

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

Posted By: Larry Felton Johnson January 8, 2024

Fueled partly by the drop in demand, the average cost for a gallon of regular unleaded gasoline in Georgia dropped two cents to an average of $2.97 over the past week.

According to the weekly report from AAA, this morning’s state average is 2 cents less than a week ago, 9 cents less than a month ago, and 15 cents more than this time last year. It now costs an average of $44.55 to fill a 15-gallon tank of regular gasoline. Georgians are now paying $1.35 less to fill up at the pump than a month ago. 

“Now that the holiday season is in our rearview mirror, fewer Georgians are filling up at the pump,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Low demand appears to be the driving force lowering prices at the pump. Drivers can anticipate pump prices to ebb and flow in January.”

Gasoline prices in Cobb County

Gasoline prices in Cobb County have been declining as well.

A gallon of regular unleaded in Cobb County is now at an average of $2.98, one 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.

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 4 cents to $3.07 (subject to change overnight). One reason could be lower demand, as fewer people are fueling up after the peak of holiday road travel. According to data from the Energy Information Administration (EIA), gas demand nosedived from 9.17 to 7.95 million barrels a day last week.

Meanwhile, total domestic gasoline stocks increased substantially by 10.9 million barrels to 237 million barrels. Weak gas demand, alongside increased supply, has pushed pump prices lower. However, rising oil prices have limited price decreases. If gas demand remains weak, drivers will likely continue to see pump prices trickle downward.

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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