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

“Because crude oil prices remain low, pump prices have followed suit. Now that the new month is upon us, March madness is bound to roll in, so drivers might want to savor the current dip in gas prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Usually around March and April, we see gas prices get a little bump, thanks to everyone hitting the road for Spring Break and that pricier summer blend rolling out.  Predicting how steep prices will climb is anyone’s guess, so drivers are encouraged to keep their eyes peeled and maybe budget a bit extra for fuel in their upcoming plans.”

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 $, about t  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 (including rates at EV charging stations)?

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

Warmer Days, Cooler Prices: Consumers See a Slight Break at the Pump

Since last Monday, the national average for a gallon of regular gasoline has decreased by 5 cents to $3.09 (subject to change overnight). With winter nearly in the rearview, temperatures warmed while gas prices cooled. Gas prices are expected to shift upward slightly in March as routine seasonal maintenance wraps up.

This suggests that most drivers saw few changes at the pump this past week. According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.23 million b/d last week to 8.45. The total domestic gasoline supply rose from 247.9 million barrels to 248.3, while gasoline production decreased last week, averaging 9.2 million barrels per day. Today’s national average for a gallon of gas is $3.12, flat as compared to a month ago and 14 cents less than a year ago. 

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI dropped $0.31 to settle at $68.62 a barrel. The EIA reports that crude oil inventories decreased by 2.3 million barrels from the previous week. At 430.2 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

Electric:

Meanwhile, today’s national average per kilowatt hour of electricity at a public EV charging station remained at 34 cents.  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.”