Gas prices at the pump in Georgia took a slight dip over the past week.

According to AAA’s weekly report, gasoline prices in Georgia fell one cent, reaching an average cost of $2.99 per gallon for regular unleaded.

“This is a reminder to drivers that we are experiencing a seasonal impact, transitioning from winter gas to the spring mixture, igniting the inevitable rise in prices, as the summer-grade fuel demands a heftier manufacturing cost,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Good news for Georgians is that we saw a modest dip at the pumps; however, we can’t predict that there won’t be higher gas prices this week.”

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.05, about six 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:

Steady at the Pump: Gas Prices Hit Cruise Control

Since last Monday, the national average for a gallon of regular gasoline has decreased by 1 cent to $3.14 (subject to change overnight). This suggests that most drivers saw few changes at the pump this past week. According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.57 million barrels a day last week to 8.23. Total domestic gasoline supply dropped from 248.1 million barrels to 247.9. Gasoline production also declined last week, averaging 9.2 million barrels per day.

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI increased 40 cents to settle at $72.25 a barrel. The EIA reports that crude oil inventories increased by 4.6 million barrels from the previous week. At 432.5 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.

Electric:

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