According to AAA’s weekly report, gasoline prices in Georgia dropped two cents over the past week,  reaching an average cost of $2.86 per gallon for regular unleaded. EV charging rates remained the same, at a national average of 36 cents per kilowatt hour.

“Georgia pump prices keep on giving, which is great news for drivers heading into the summer driving season,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Remember, we’re still at the front end of hurricane season, and a sudden storm could bump up oil prices, causing gas prices to increase.”

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $2.886, about three 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:

Gas Prices on Cruise Control

Since last Monday, the national average price for a gallon of regular gasoline has decreased by 2 cents to $3.12, subject to change overnight. The summer driving season is underway, and while gas prices typically peak this time of year, drivers are getting a reprieve. Pump prices are 36 cents cheaper than last June, thanks to this year’s consistently low crude oil prices. Currently, the oil supply in the market is outweighing demand. June gas prices haven’t been this low since 2021.  

According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.45 million barrels a day last week to 8.26. Total domestic gasoline supply increased from 223.1 million barrels to 228.3. Gasoline production decreased last week, averaging 9 million barrels per day.  

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI fell 56 cents to settle at $62.85 a barrel. The EIA reports that crude oil inventories decreased by 4.3 million barrels from the previous week. At 436.1 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 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.”