A decrease in gasoline
Outside of the Texaco gas station on Moon Station Rd, regular gas prices stand at $3.65 for unleaded and $4.99 for diesel. Since March of this year, the price of regular gas in Kennesaw dropped by 60 cents. Multiple factors have led to the decline in gas prices, and prices should continue to decrease.
August 23, 2022
After several months of Georgians stressing over the soaring gas prices, drivers finally feel a sense of relief with Georgia gas prices declining. Right now, Georgia gasoline stands at an average of $3.52 a gallon for unleaded. According to the American Automobile Association (AAA), multiple factors contribute to the price decline, including more refinery capacity, drivers avoiding unnecessary trips and lower oil prices. Crude oil now stands at less than $100 a barrel. However, prices could rebound if the AAA interrupts refinery capacity.
“Georgia pump price average is trending 43 cents lower than the national retail price. Declining global fuel demand and summer travel nearing an end continues to influence lower gas prices. Also, the crude oil supply remains tight. It is uncertain whether gas prices will continue to fall in the coming weeks,” Auto Club Group spokeswoman Montrae Waiters said.
As of August 16, The state average stood at 11 cents less than a week ago, 59 cents less than a month ago, and 56 cents more than in 2021. It now costs $52.80 to fill a 15-gallon tank of regular gasoline. Drivers now pay less than a dollar more to fill up at the pump compared to last year. According to the Energy Information Administration (EIA), gas demand increased from 8.54 million barrels a day to 9.12 million barrels a day. However, the rate stands at 307,000 barrels a day lower than last year. Moreover, according to EIA, total domestic gasoline stocks decreased by five million barrels to 220.3 million barrels. Although gasoline demand has increased and supply has tightened, lower oil prices have helped lower pump prices. If oil prices continue to decline, drivers will likely continue to see pump prices decrease. The most expensive Georgia metro markets include Savannah ($3.65), Hinesville-Fort Stewart ($3.64) and Atlanta ($3.57).
“I feel less financially burdened by my car because in the past I’ve paid roughly $80 two times a week. I’m also getting impatient with how it’s decreasing. This topic of gas prices has been brought up many times in my economics class and it’s also a common subject between me and my friends because I’m passionate about every price drop,” senior Marina Dias said.
