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AAA reports Gas Prices on the Rise

AAATampa, FL – Gas prices are on the rise, as crude oil got more expensive last week. Oil prices hit their highest level in more than a month. Since last Sunday, state averages for a gallon of gas rose 4 cents in Georgia and Tennessee, and 1 cent in Florida.

The average price of gasoline is $2.09 in Florida, $2.06 in Georgia, and $1.95 in Tennessee. On Sunday, the state average rose for the fourth consecutive day in Florida, third consecutive day in Georgia, and the sixth consecutive day in Tennessee.

Crude Oil got more expensive last week causing gas prices to rise.
Crude Oil got more expensive last week causing gas prices to rise.

Although gas prices rose slightly this week, they are still well below year-ago levels by 31 cents in Florida, 35 cents in Georgia, and 32 cents in Tennessee.

“Gas prices are likely to get more expensive through the rest of the week as retail prices adjust to the oil price hike,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The weekly average for oil rose about $4.00 which could translate to a 10 cent hike at the pump. It usually takes a couple of weeks for retail prices to fully adjust to the oil price shift. Although oil prices will continue to influence prices at the pump, AAA forecasts that retail prices should remain relatively low through the rest of the year.”

The price for a barrel of crude settled at $48.52 on Friday, after rising six consecutive days. Prices are rising as OPEC and other key exporters plan to meet next month to discuss freezing output levels, which would help balance a global market that has remained over-saturated with oil.

This type of meeting happened earlier this year, causing oil prices to rise, but an agreement wasn’t reached and oil tumbled. It’s possible the same thing could happen again.

U.S. crude oil inventories are at historically high levels for this time of year (521.1 million barrels). Total motor gasoline inventories decreased by 2.7 million barrels last week, but are well above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Two Years Ago
National $2.158 $2.152 $2.125 $2.186 $2.632 $3.436
Florida $2.091 $2.088 $2.083 $2.134 $2.396 $3.342
Georgia $2.058 $2.040 $2.022 $2.028 $2.411 $3.332
Tennessee $1.946 $1.941 $1.905 $1.955 $2.273 $3.215
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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