According to AAA’s weekly report, gasoline prices in Georgia fell a modest one cent, reaching an average cost of $2.94 per gallon for regular unleaded. EV charging rates in Georgia are just under 38 cents per kilowatt hour, about two cents more than the national average.

“While U.S. airstrikes in the Middle East took place over a week ago, crude oil prices have stayed stable, resulting in a slight drop in gas prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “However, drivers should prepare for potential increases at the pumps as we head into the busy 4^th of July travel week.” 

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $2.962, about two 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:

Since last Monday, the national average price for a gallon of regular gasoline has decreased by 3 cents to $3.18, subject to change overnight. Oil prices have returned to their pre-conflict levels. With Independence Day around the corner, and 61.6 million holiday travelers preparing to hit the road next week, gas prices may increase slightly.

According to new data from the Energy Information Administration (EIA), gasoline demand increased last week, rising from 9.29 million barrels per day to 9.68 million barrels per day. Meanwhile, the total supply of gasoline in the country dropped slightly, going from 230 million barrels to 227.9 million barrels. Gasoline production stayed the same, averaging 10.1 million barrels per day.

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI is up 55 cents to settle at $64.92 a barrel. The EIA reports that crude oil inventories decreased by 5.8 million barrels from the previous week. At 415.1 million barrels, U.S. crude oil inventories are about 11% 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 the same 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.”