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HomeNewsAAA reports 2015 Average Gas Price Forecast falls to $2.33

AAA reports 2015 Average Gas Price Forecast falls to $2.33

Government reduces gas price forecast despite recent increase

AAATampa, FL – Gasoline prices shot up 7 cents last week. The current national average price for a gallon of regular unleaded is $2.25. Motorists are now paying 19 cents more than they did at the beginning of the month.

“Gasoline prices almost always rise in February,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The rate of increase slowed over the weekend, but motorists should expect more volatility at the pump for the next couple of months.”

Since 2000, February gas prices rose every year except 2001. On average, February gas prices rose 22 cents during the past five years.

Gas prices are up 25 cents in Florida, 19 cents in Georgia, and 21 cents in Tennessee since February 1st.

“Pump prices have already exceeded the February average in some states due to the rising price of oil and refinery maintenance,” said Jenkins. “While recent increases could create concern, motorists should be relieved to know that gas prices are still more than a dollar cheaper than this time last year, and should not reach $3.00 this year.”

Refineries have begun maintenance season which usually leads to price hikes of 30-50 cents during the spring. This is one of two times a year that refineries do maintenance on their machinery and switch to a cleaner-burning “summer-blend” fuel, as required by the Environmental Protection Agency. This trend, coupled with wildly volatile crude prices have pushed U.S. pump prices 22 cents above mid-January lows.

The price of crude oil reached $52.67 a barrel on the NYMEX Friday – $1.00 more than the week before. The Energy Information Administration predicts high uncertainty in the outlook for oil prices this year, but expects the price to remain well below the 2014 high of $107.26.

The EIA forecasts the price of WTI to average $55.00 a barrel in 2015, and $71.00 a barrel in 2016. The EIA also modified its forecast for gasoline to average $2.33 a gallon this year, and $2.73 in 2016. The average household is now expected to spend about $750.00 less for gasoline in 2015 compared with last year because of lower prices.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago Year Ago
National $2.250 $2.246 $2.175 $2.085 $3.338
Florida $2.315 $2.314 $2.202 $2.179 $3.393
Georgia $2.176 $2.175 $2.089 2.042 $3.210
Tennessee $2.111 $2.110 $2.023 $1.929 $3.168
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