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AAA reports Motorists find Cheapest Memorial Day Gas Prices in 4-5 years

 

AAATampa, FL – AAA forecast that 33 Million Americans would drive 50 miles or more during the Memorial Day weekend. Those motorists saw the lowest gasoline prices for the holiday in up to five years.

The average prices in Florida and Tennessee were the lowest in five years; as the averages were 6 cents and 12 cents lower than 2010 respectively. The national and Georgia average prices just fell short of the five year mark; both averages today were merely 1-cent higher than the holiday averages in 2010.

2015 Memorial Day Gas Prices

“Oil and gas prices are much lower this year thanks to increased oil supply,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “This boosted disposable income which helped fuel the highest number of anticipated Memorial Day motorists in a decade.”

The national average price for gasoline is still inching up while prices in the southeast have stalled. The average prices in Florida and Tennessee are fractions of a cent less than yesterday, while the Georgia average is exactly the same.

Gas prices should peak this month and even decline into the summer. The Energy Information Administration forecasts the national average price for gas this month to finish at its current average of $2.68, then average $2.55 this summer.

National Average Gas Price Comparison May -  2015

After peaking at $107.26 last year, the price of oil plunged as low as $45.19 this year, before rising 12% year-to-date and closing at $59.72 on Friday. Oil prices rose, which pushed gasoline higher, due to market concerns of reduced rig counts and higher than anticipated oil demand in both the U.S. and China.

Last week, oil fell below $60.00 a barrel, as the dollar gained strength and rig counts only fell by one. Some oil analysts believe oil price may not return to $100.00 a barrel for years, and the current strength of oil prices are enough to entice a rebound in U.S. shale oil production, which could result in cheaper oil and gasoline.

2015 Memorial Day Oil Price Chart

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago Year Ago
National $2.740 $2.738 $2.705 $2.524 $3.656
Florida $2.663 $2.665 $2.624 $2.567 $3.623
Georgia $2.629 $2.629 $2.608 $2.395 $3.619
Tennessee $2.479 $2.480 $2.461 $2.317 $3.454
Click here to view current gasoline price averages

 

AAA updates fuel price averages daily at 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 approximately 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 55 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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