Georgia drivers will notice an increase in prices at the pump as compared to last week, despite lower crude oil prices. EV charging rates remained about the same as last week.

According to AAA’s weekly report, gasoline prices in Georgia rose by five cents, reaching an average cost of $2.94 per gallon for regular unleaded.

“Typically, gas prices drop if demand is low and crude oil is cheaper. Unfortunately, not this time,” said Montrae Waiters, AAA- The Auto Club Group spokeswoman. “Some refineries are switching to summer blend gasoline, which works better in the heat and costs more to make. However, there is still good news. Georgia drivers are paying 18 cents less than the national average of $3.12.”

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 and EV charging rates?
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 $3.029, about nine 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:

Gas Prices Head Uphill

Since last Monday, the national average for a gallon of regular gasoline has increased by 5 cents to $3.12 (subject to change overnight) after weeks of little movement. According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.18 barrels daily to 8.81. Total domestic gasoline supply decreased from 241.1 million barrels to 240.6. Gasoline production increased, averaging 9.6 million barrels per day. 

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI rose 26 cents to settle at $67.16 a barrel. The EIA reports that crude oil inventories increased by 1.7 million barrels from the previous week. At 437.0 million barrels, U.S. crude oil inventories are about 5% 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.”