Georgia gas prices continue to fall over past week

In keeping with the trend of the past few weeks, gasoline prices in both Georgia and nationally fell over the past seven days.

According to the AAA fuel price web page, the current average cost of a gallon of regular gasoline in Georgia is $3.6370, roughly 11 cents per gallon less than this time last week. The national average is $3.9290, a 17 cent drop from last week.

Cobb County gasoline averages stood at roughly $3.64 this morning, about the same as the statewide average.

EV charging rates at commercial DC fast-charging stations averaged about 42 cents per kilowatt hour, both nationally and in Georgia. Home-charging is much cheaper, particularly during off-peak overnight hours, and vary by local utility market. 

Why are gas prices dropping?

The decline in gasoline prices follows encouragement over the peace talks between the U.S. and Iran, and the consequent drop in oil prices to a level well below $100 per barrel. As of this morning, Brent crude is priced at $79 per barrel.

A good source of information about the international oil market is the Oil Market Report on the website of the International Energy Agency, which tracks world events that impact oil reserves and the price of oil.

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.