According to AAA’s weekly report, gasoline prices in Georgia rose four cents over the past week, reaching an average cost of $2.92 per gallon for regular unleaded. The EV charging rate stayed the same as last week, at 36 cents per Kilowatt Hour.

“Nationwide, a surge in gas demand coupled with the climbing cost of crude oil has pushed prices higher at the pumps,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “The slump in crude oil costs kept the customary surge in spring gas prices at bay, but now, we find ourselves amid this anticipated increase as the Memorial Day weekend approaches.”

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County averages $2.946, about three 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 Begin Seasonal Climb

Since last Monday, the national average price for a gallon of regular gasoline has increased by 4 cents to $3.17, subject to change overnight. Gas prices are creeping back up just in time for the busy summer driving season, as crude oil prices rise and demand increases.

Typically, the seasonal increase in gas prices starts earlier in the spring, but lower crude oil prices so far this year have kept that from happening. Now, we’re starting to settle into a more typical pattern. Despite the upward trend, drivers are paying about 40 cents less compared to last year, which is good news for the record 39.4 million Americans expected to take road trips over Memorial Day weekend. 

According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.71 million barrels a day last week to 8.79 million. Total domestic gasoline supply decreased from 225.7 million barrels to 224.7 million barrels.

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI fell 52 cents to settle at $63.15 a barrel. The EIA reports that crude oil inventories increased by 4 million barrels from the previous week. At 441.8 million barrels, U.S. crude oil inventories are about 6% 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 stayed the same this past week at 36 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.”