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AAA says “Brexit” leads to Lower Gas Prices

 

AAATampa, FL – Britain’s vote to leave the European Union could impact Americans in a variety of ways; one of them could be lower gas prices. The price for crude oil, which is globally traded on the stock market, declined by nearly $2.50 the day after the “Brexit” vote.

Since two-thirds the price of gasoline is influenced by oil prices, this reduces the likelihood of gas prices rising in the near future.  

Oil Prices Decline

Oil Prices Decline

“Gas prices were already falling before the ‘Brexit’ vote, but reductions in the price of oil should allow that trend to continue,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Increased gasoline demand is currently being offset by healthy refinery production, and gas prices are expected to remain at their lowest point for this time of year since 2005.”

The average price for a gallon of gasoline is $2.31 nationwide, $2.27 in Florida, $2.18 in Georgia, and $2.10 in Tennessee. Compared to last week, average prices are down 3 cents nationwide and in Florida, 4 cents in Tennessee, and 6 cents in Georgia. Motorists are saving nearly 50 cents on a gallon of gas compared to last year, and $1.40 compared to two years ago.

Average gas prices have declined for 19 consecutive days in Florida and Georgia for a total of 8 and 10 cents respectively. In Tennessee, the average price has declined for 18 consecutive days at a total discount of 10 cents.

After declining a week ago, crude oil prices began to recover during the week until the Brexit vote sent them back down. WTI settled at $47.64 a barrel Friday on the NYMEX. That’s $2.47 less than the day before, and 36 cents less than a week ago.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Two Years Ago
National $2.308 $2.311 $2.336 $2.314 $2.783 $3.684
Florida $2.266 $2.270 $2.299 $2.241 $2.699 $3.625
Georgia $2.176 $2.182 $2.216 $2.216 $2.677 $3.609
Tennessee $2.103 $2.109 $2.137 $2.145 $2.557 $3.477
Click here to view current gasoline price averages

 

AAA updates fuel price averages daily at www.GasPrices.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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