According to AAA’s weekly report, gasoline prices in Georgia rose three cents over the past week. reaching an average cost of $2.93 per gallon for regular unleaded.

“This month, oil prices increased unexpectedly due to speculation that China’s demand would surge, which likely contributed to an uptick in gas prices across the U.S.,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Unpredictable global moves and threats of extreme weather could cause gas prices to ebb and flow for the coming weeks.”

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

The price of a gallon of regular unleaded in Cobb County is $2.973, about 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.

What are the national trends?

AAA’s weekly report stated the following about national gas and oil trends:

Nationally:

U.S. Keeps Global Oil Production Crown

Since last Monday, the national average for a gallon of regular gasoline has held steady at $3.06 (subject to change overnight). According to data from the Energy Information Administration (EIA), gasoline demand rose from 8.16 million barrels a day last week to 8.48. Meanwhile, total domestic gasoline stocks soared from 231.4 million barrels to 237.7, while gasoline production decreased last week, averaging 8.9 million barrels daily. The retail price for regular-grade gasoline averaged $3.30 per gallon in 2024, 21 cents less than in 2023. 

The EIA also reported that the United States produced more crude oil than any other nation in the six years 2018-2023. Last year’s numbers are still being crunched, but the trend will likely continue. Crude oil production in the United States averaged 12.9 million barrels daily in 2023, breaking the previous U.S. and global record of 12.3 million in 2019. The EIA says the 2023 oil production record is unlikely to be damaged by another country anytime soon.

Electric:

Meanwhile, today’s national average per kilowatt hour of electricity at a public EV charging station remained at 34 cents, the same amount for almost 5 months.

Drivers can find electric charging prices along their route using the AAA TripTik Travel planner.

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.”