Relatively low crude oil prices left gasoline prices stable despite rising demand.

According to the weekly report from AAA, gasoline prices in Georgia dropped two cents over the past week, reaching an average cost of $3.36 per gallon. 

“Georgians were pleasantly surprised gas prices remained grounded as Memorial Day approached, defying expectations of a sudden hike,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “The primary rescuer has been the reduction in Crude oil prices; nevertheless, increased demand has been a vigilant guard, preventing prices from falling drastically.”

What will you learn by reading below?

1. How do prices in Cobb County compare to the rest of the state
2. What are the national trends in gasoline prices?
3. How does AAA arrive at its price estimates?

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County averages $3.427, roughly seven 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 still stands at $3.59 (subject to change overnight). The lack of pump price movement is typical in the days leading up to Memorial Day. However, with AAA forecasting a record 38.4 million drivers hitting the road for the long weekend, the price needle could point a bit higher, at least temporarily.

According to data from the Energy Information Administration (EIA), gas demand rose unexpectedly from 8.87 million barrels a day to 9.31 last week. Meanwhile, total domestic gasoline stocks decreased slightly from 227.8 to 226.8 million barrels, while gasoline production increased last week, averaging 10.0 million daily barrels. An increase in gasoline demand paired with falling oil prices could cause pump prices to remain relatively flat for now. 

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.”