According to AAA’s weekly report, gasoline prices in Georgia remained unchanged at an average cost of $2.90 per gallon for regular unleaded gasoline. The EV charging rate also maintained its national average at 36 cents per kilowatt-hour.

“Drivers are getting a break at the pump this summer,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “It’s been four years since gas prices have been this low nationally during this season, primarily due to strong supply in the oil market. Keep in mind that prices remain unpredictable due to factors like oil market volatility and seasonal demand shifts.” 

Gasoline prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $2.922, 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:

Gas Prices this Summer Mirror 4-Year Lows

Since last Monday, the national average price for a gallon of regular gasoline has increased by 1 cent to $3.15, subject to change overnight. Drivers are enjoying some relief at the pump this summer, with gas prices aligning with July 2021 levels. For the first time in four years, the national average for summer gas prices has reached such lows. The drop in prices can be attributed to an ample supply in the oil market, providing much-needed stability.

According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.64 million barrels a day last week to 9.15 million barrels a day. Total domestic gasoline supply decreased from 232.1 million barrels to 229.5 million barrels.

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI increased 5 cents to settle at $68.38 a barrel. The EIA reports that crude oil inventories increased by 7.1 million barrels from the previous week. At 426 million barrels, U.S. crude oil inventories are about 8% 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.”