According to AAA’s weekly report, gasoline prices dropped three cents over the past week in Georgia, reaching an average cost of $2.88 per gallon for regular unleaded. The EV charging rate maintained the same national average as last week, at 36 cents per kilowatt hour.

“Georgia’s gas prices are staying friendly to our wallets, which is great news for drivers,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “It is all thanks to the low cost of crude oil that’s making filling up your tank manageable. The tide could change at any moment, let us not forget we are still in the initial stages of hurricane season, and unpredictable things like storms or world events could shake things up and send oil prices climbing again.”

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $2.92, 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:

Low Fuel Prices Usher in Unofficial Start of Summer

Since last Monday, the national average price for a gallon of regular gasoline has decreased by 4 cents to $3.14, subject to change overnight. With crude oil prices lingering in the low $60s per barrel, drivers are reaping the benefits at the pump. While fuel prices are expected to remain lower than last summer, the weather is the wild card. The Atlantic hurricane season began on Sunday, and NOAA predicts a 60% chance of an above-normal season. Storms along the Gulf Coast can impact oil refineries and disrupt fuel deliveries, resulting in a temporary increase in gas prices. 

According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.64 million barrels a day last week to 9.45. Total domestic gasoline supply decreased from 225.5 million barrels to 223.1. Gasoline production increased last week, averaging 9.8 million barrels per day. 

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI increased 95 cents to settle at $61.84 a barrel. The EIA reports that crude oil inventories decreased by 2.8 million barrels from the previous week. At 440.4 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 remained unchanged 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.”