According to AAA’s weekly report, gasoline prices in Georgia dropped four cents over the past week, reaching an average cost of $2.88 per gallon for regular unleaded.

EV charging rates rose two cents per kilowatt hour, reaching 36 cents.

“Crude oil continues to trend under $80 a barrel, and demand appears to have slowed down, contributing to lower pump prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman.”

What will you learn by reading below?

1. How do prices in Cobb County compare to the rest of the state
2. What are the national trends in gasoline prices and EV charging rates?
3. What causes fluctuations in gasoline prices?
4. How does AAA arrive at its price estimates?

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $2.893, about one cent 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:

Temperatures May Be Rising, But Gas Prices Are Not  

Since last Monday, the national average price for a gallon of regular gasoline has decreased by 3 cents to $3.13, subject to change overnight. In the lull between spring travel and the kick-off to summer, gas demand slid week after week. OPEC+ (the group of oil-producing countries) announced Saturday that it will increase output again in June, widening the supply surplus, which could cause crude prices to continue to fall. This means road trippers would see lower prices at the pump this summer.

According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.09 million barrels a day last week to 8.71. Total domestic gasoline supply slightly increased from 225.5 million barrels to 225.7.

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI fell $1.02 to settle at $-58.07 a barrel. The EIA reports that crude oil inventories decreased by 2 million barrels from the previous week. At 438.4 million barrels, U.S. crude oil inventories are about 7% 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 increased two cents last week to 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.”