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AAA says Gas Prices Stabilize over the Weekend

 

AAATampa, FL – Pump prices in Georgia and Tennessee continue their descent, while Florida prices dipped on Sunday for the first time in two weeks. The Georgia average of $2.26 is 3 cents less than last week.

Tennessee’s state average of $2.12 is 2 cents less than a week ago. Florida’s state average of $2.25 is 4 cents more than last week.

Crude oil trades at highest prices of the year.

Crude oil trades at highest prices of the year.

“Gas prices are a mixed bag across the southeastern United States,” said, Mark Jenkins, spokesman, AAA – The Auto Club Group. “Motorists in Georgia and Tennessee continue to benefit from abundant gasoline supplies at a time when demand is low. The same would be true in Florida had it not been for Hurricane Matthew. The major storm temporarily shut down supply hubs, and left some filling stations without gasoline. Stabilized gas prices are a good sign that much of the supply has been restored to the affected areas.”

Before stabilizing on Sunday, the average price in Florida rose 16 consecutive days, for a total increase of 11 cents. The average price in Georgia declined for the 11th consecutive day Sunday, for a total discount of 4 cents. The Tennessee average declined for the 8th consecutive day for a total discount of 3 cents.

Although gas prices are currently on the decline, upward pressure exists on the crude oil market. Attention remains focused on whether the Organization of Petroleum Exporting Countries (OPEC) will alter production in order to influence prices higher. The price for a barrel of WTI reached $51.35 last week, which was the highest daily settlement since July 2015.

OPEC members are scheduled to have a number of meetings before the end of November in order to identify the details of an output agreement. These meetings have supported the bearish sentiment for crude oil over the past week, and will have a major impact on fuel prices in the future.

In the meantime, oil trended lower on Friday as abundant crude supplies outweighed tighter U.S. fuel inventories and OPEC’s plans to cut output. At the close of Friday’s formal trading session on the NYMEX, WTI was down 9 cents to settle at $50.35 per barrel. The weekly average of $50.62 per barrel is the highest since July 2015.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Two Years Ago
National $2.244 $2.248 $2.258 $2.183 $2.281 $3.163
Florida $2.254 $2.254 $2.210 $2.165 $2.200 $3.196
Georgia $2.257 $2.262 $2.289 $2.136 $2.139 $3.122
Tennessee $2.116 $2.119 $2.140 $2.014 $2.007 $2.947
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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