By Larry Felton Johnson

Continuing the trend of the past few weeks, Georgia gasoline prices continue to fall.

According to AAA’s weekly report, gasoline prices in Georgia fell four cents over the past week, reaching an average cost of $2.94 per gallon for regular unleaded.

“Gasoline prices are getting a bit nicer on our wallets, thanks to low demand and crude oil costs taking a tumble,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “As for guessing when those gas prices will reverse course. Well, that’s still anyone’s call.”

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. What causes fluctuations in gasoline prices?
4. How does AAA arrive at its price estimates?

Gasoline prices in Cobb County

Another trend that continues is that Cobb County gasoline prices remain a few cents above most of the state.

The price of a gallon of regular unleaded in Cobb County is $2.992, about five 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:

Gas Price Decline Slows, But Likely Won’t Stop

Since last Monday, the national average for a gallon of regular gasoline has held steady at $3.21 (subject to change overnight). Gasoline demand and oil costs are low, so pump prices may soon resume a slow descent. According to new data from the Energy Information Administration (EIA), gas demand increased slightly last week from 8.47 million barrels a day to 8.77. Meanwhile, total domestic gasoline stocks remained flat at 221.6 million barrels, while gasoline production increased last week, averaging 9.7 million barrels per day. Lackluster gasoline demand and low oil costs will likely keep pump prices sliding.

What causes fluctuations in gasoline prices?

According to the U.S. Energy Information Administration (EIA), the price of crude oil is the main factor affecting the price of gasoline.

“Strong and increasing demand for gasoline and other petroleum products in the United States and the rest of the world can place intense pressure on available supplies,” the EIA website states.

According to the EIA, other factors that can affect prices include” disruptions in crude oil supplies, refinery operations, or gasoline pipeline deliveries.”

There are also seasonal changes in demand that cause price fluctuations throughout the year.

For more information on the price considerations for crude oil and gasoline, visit the EIA website.

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.”