56.8 F
Clarksville
Friday, March 29, 2024
HomeNewsAAA reports Gas Prices continue to fall despite Oil Price Increase

AAA reports Gas Prices continue to fall despite Oil Price Increase

AAATampa, FL – Gas prices are still falling even after oil prices increased during the tail-end of last week. Prices at the pump are dropping at a rate of about a half cent a day. The national average price for a gallon of regular unleaded is $1.83, 7 cents lower than a month ago, 21 cents lower than this time last year.

“Oil prices dropped like a rock last week, and took gas prices with them,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The low price of crude remains the primary contributor to discounts at the pump, making it cheaper to produce gasoline.”

2016 - January Oil Prices

Crude prices went on a rollercoaster ride last week. A barrel of oil dipped down to $26.55 (lowest daily settlement since May 7th, 2003) on Wednesday, then climbed to $32.19 (highest since January 8th, 2016) on Friday.

Some speculators believe the price of oil has bottomed out and could reach $50.00 by the end of 2016, and $70.00 next year. The latest forecast from the U.S. Energy Information Administration has oil averaging $38.54 this year and $47.00 in 2017.

“Gas prices could slip another 5-10 cents to align with current crude levels, but if oil prices gain solid ground this week, the gas price drop could come to an end,” Jenkins said. “Even if oil remains the same, gas prices could start inching up in the next couple of weeks as refinery maintenance season begins. This is a time when refineries do routine upkeep on their machinery, which slows their output. Because of this, we’ve seen gas prices rise 50 cents between February and June.”

The average price for gasoline is under $2.00 in 38 states. The state average has been under $2.00 a gallon for 23 days in Florida, 62 days in Georgia, and 72 days in Tennessee.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago Year Ago
National $1.832 $1.837 $1.900 $2.006 $2.037
Florida $1.861 $1.867 $1.925 $2.016 $2.089
Georgia $1.757 $1.762 $1.810 $1.924 $1.995
Tennessee $1.637 $1.641 $1.683 $1.772 $1.889
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.

RELATED ARTICLES

Latest Articles