According to AAA’s weekly report, gasoline prices in Georgia declined nine cents over the past week, reaching an average cost of $2.97 per gallon for regular unleaded.
“Here in Georgia, we haven’t seen gas dip below 3 bucks since January 24th when it hit $2.98,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Driven by tepid demand and crude oil prices below $70, Georgia drivers continue to find relief at the pumps.”
What will you learn by reading below?
- How do prices in Cobb County compare to the rest of the state
- What are the national trends in gasoline prices?
- What causes fluctuations in gasoline prices?
- How does AAA arrive at its price estimates?
Gasoline prices in Cobb County
The price of a gallon of regular unleaded in Cobb County remained on average above $3 at $3.042, seven 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:
Pump Prices are Free Falling
Since last Monday, the national average for a gallon of regular gasoline decreased by 7 cents to $3.20 (subject to change overnight). The primary culprits behind the dip are low demand and falling oil costs. According to new data from the Energy Information Administration (EIA), gas demand fell last week from 8.93 million barrels a day to 8.47. Meanwhile, total domestic gasoline stocks rose 219.2 to 221.6 million barrels, and gasoline production decreased last week, averaging 9.4 million barrels per day. Tumbling gasoline demand and oil costs will likely keep pump prices sliding.
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.”
Be the first to comment on "Average Georgia gasoline price finally dips below $3"