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HomeNewsAAA says Thanksgiving Gas Prices hit seven year low

AAA says Thanksgiving Gas Prices hit seven year low

AAATampa, FL Last week, motorists enjoyed the lowest Thanksgiving gas prices in seven years (2008). Gas prices declined throughout the holiday weekend, as was forecasted by AAA.

Some non-AAA analysts attempted to grab headlines by forecasting that the national average would dip below $2.00 in time for the holiday, but that did not happen, as the national average on Thanksgiving Day was $2.05 – 75 cents lower than the year before.

2015 Thanksgiving Day Gas Prices

“Gas prices have been falling at a rate of about a half cent a day, and if that pace continues, the national average will drop below $2.00 in the next two weeks,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “But there is potential for the pump price plunge to slow after oil prices climbed a few bucks last week.”

The price of oil averaged $42.34 last week – $1.52 higher than the week before. WTI closed as low as $41.71 and $43.04 at its peak.

Oversupply continues to be a dominant factor in keeping downward pressure on global oil markets. Despite geopolitical tensions and military action between Turkey and Russia, both the Brent and West Texas Intermediate benchmarks posted losses at the end of the week. Turkey is a gateway for crude oil via the Caspian Sea, and the most recent incident could lead to significant disruptions in supply.

However, contrary to previous years, the global market’s current oversupply appears to be mitigating any real impact of this event on the global oil market.

Today, 36 percent of gas stations nationwide are selling fuel below $2.00 a gallon. Current average prices are $2.04 nationwide, $2.07 in Florida, $1.98 in Georgia, and $1.87 in Tennessee. The national average price for gasoline has declined 23 consecutive days.

Prices are also following streaks-of-declines of 16 days in Florida, 20 days in Georgia, and 21 days in Tennessee. Looking forward, pump prices on Christmas Day are forecast to be well below last year’s holiday averages of $2.33 nationwide, $2.43 in Florida, $2.32 in Georgia, and $2.18 in Tennessee.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago Year Ago
National $2.043 $2.046 $2.078 $2.188 $2.782
Florida $2.067 $2.068 $2.105 $2.102 $2.778
Georgia $1.981 $1.981 $2.104 $2.043 $2.696
Tennessee $1.870 $1.874 $1.913 $1.937 $2.575
Click here to view current gasoline price averages

 

AAA updates fuel price averages daily at http://www.fuelgaugereport.aaa.com/. Every day up to 120,000 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.

About The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America.  ACG and its affiliates provide membership, travel, insurance and financial services offerings to over 9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana.

ACG belongs to the national AAA federation with more than 55 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety.

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