According to AAA’s weekly report, gasoline prices in Georgia continued the slow drop of the past few weeks, reaching an average cost of $2.91 per gallon for regular unleaded gasoline.

This represents a one-cent drop from last week.

EV charging rates remain stable at 34 cents per kilowatt hour.

“Crude oil prices, which play a key role in determining what consumers pay at the pump, remain low, which is why we did not see an increase in pump prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman.

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $2.963, 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:

Nationally:

Gas Prices Dip Slowly

Since last Monday, the national average price for a gallon of regular gasoline has decreased by 1 cent to $3.14, subject to change overnight. As the weather gets nicer and more people get out and about, an increase in demand could push prices up slightly this week. However, the national average remains well below what drivers were paying this time last year. That’s because crude oil is on the lower side at $62 a barrel compared to $82 a year ago. 

According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.46 million barrels a day last week to 9.41. Total domestic gasoline supply decreased from 234.0 million barrels to 229.5 million barrels.

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI fell $1.40 to settle at $62.27 a barrel. The EIA reports that crude oil inventories increased by 0.2 million barrels from the previous week. At 443.1 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.     

Electric:

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