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HomeNewsAAA reports Memorial Day Gas Prices to hit 11 Year Low

AAA reports Memorial Day Gas Prices to hit 11 Year Low

AAATampa, FL – Gas prices rose throughout the week, but stabilized during the weekend as 33.9 million Americans plan a road trip for Memorial Day – the second-most auto travelers for the holiday on record.

“Gas prices rose an average of 6 cents last week, but Memorial Day travelers should still enjoy the lowest holiday gas prices since 2005,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

2016 - May Weekly Fuel Price Averages

“Gasoline demand continues to test record levels, and a repeat of last year’s higher-than-normal summer driving season is likely on the horizon. The balance between regional supply and demand will influence the price at the pump; however, the market remains well supplied and the relatively lower cost of crude oil should keep summer prices lower than last year,” stated Jenkins.

Gas prices reached their lowest point of the year in February. Since that time, the average price rose 58 cents nationwide, 47 cents in Florida, 58 cents in Georgia, and 62 cents in Tennessee. Gas prices usually rise 50-70 cents from February to June.

Average prices peaked in June last year at $2.80 nationally, $2.72 in Florida and Georgia, and $2.58 in Tennessee. Prices will likely peak around the same time this year, unless there are sizable shifts in crude oil prices.

Since hitting 13-year lows at $26.05 in February, crude oil prices are up 80 percent. The price of crude averaged $47.03 last week, $1.59 higher than the week before, and the highest since October 9th, 2015. Daily closing prices for WTI oil rose from $42.72 on Monday to $48.31 Tuesday, but dropped to $47.75 on Friday.

Oil prices rose last week as wildfires in the Alberta region disrupted production, but production is expected to resume this week, which could push prices lower.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Two Years Ago
National $2.280 $2.279 $2.221 $2.124 $2.735 $3.649
Florida $2.212 $2.212 $2.189 $2.070 $2.665 $3.630
Georgia $2.220 $2.219 $2.160 $2.081 $2.631 $3.626
Tennessee $2.120 $2.118 $2.051 $1.936 $2.474 $3.453
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 56 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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