Georgia gasoline price climbs 5 cents ahead of July 4

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An abstract AI-generated image of a gasoline pump

Posted By: Larry Felton Johnson July 1, 2024

Image above generated by DALL-E from ChatGPT

According to AAA’s weekly report, gasoline prices in Georgia climbed five cents over the past week, reaching an average cost of $3.31 per gallon for regular unleaded.

“The summer season has officially ignited, and just like the mercury rising in the thermometer, gas prices are increasing too,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “The increase in crude oil prices continues to be the major culprit for the escalation at the pump. Over 2 million Georgians are anticipated to hit the road for the July 4th holiday. Increased demand may also influence an uptick in prices this week.”

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 is $3.373, about six 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:

The national average for a gallon of regular gasoline has increased by 5 cents to $3.49 (subject to change overnight). The move came as the cost of oil crossed the $80 per barrel mark, putting upward pressure on pump prices. With oil costs accounting for about 54% of what you pay at the pump, more expensive oil usually leads to more expensive gas.

According to new data from the Energy Information Administration (EIA), gas demand fell from 9.38 million barrels a day to 8.96 last week. This demand level is about 240,000 barrels a day below the same week of last year. Meanwhile, total domestic gasoline stocks rose from 231.2 to 233.9 million barrels. Low gasoline demand and increasing supply may help counter higher oil costs, slowing any rise in pump prices.

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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