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AAA reports Gas Prices Stablize

 

AAATampa, FL – The national average price for regular unleaded gasoline slipped 1-cent since last week’s AAA Gas Price Brief and is currently $2.79 a gallon. Today’s average remains significantly lower than on this same date last year (-89 cents).

The national average declined by fractions of a cent for six consecutive days. Meanwhile prices in Florida, Georgia, and Tennessee have declined three, six, and four consecutive days respectively.

2015 June National Average Gas Price Comparison

“This is an encouraging sign that gas prices may have finally hit their high-point for the year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The next week will be a strong indicator if prices have finally peaked. Prices should begin moving down as long as there are no major bumps in oil prices.”

Oil prices slip

Last week, the price of oil averaged $59.89 – 20 cents cheaper than the week before, marking the first weekly decline in three weeks. During the week, WTI oil settled as high as $60.45 a barrel on the NYMEX, but settled at $59.61 per barrel on Friday. The highest settlement of 2015 was $61.43 a barrel on June 10th.

The global oil market is currently under downward pressure from a strong U.S. dollar and rising concerns about the potential for a financial crisis in Greece. Euro zone leaders convened on Monday in attempts to address the Greek debt crisis, which could impact the global crude market by causing demand to fall.

The decline in the Euro is also putting additional pressure on the U.S. dollar, making crude more expensive for countries with other currencies. Both items have the potential to reduce demand and place a ceiling on the price of crude.

Additionally, Saudi Arabia is continuing to increase its exports and the market is likely to remain oversupplied in the near term.

Southeastern U.S. Gas Prices stabilize

  • Florida: the current state average of $2.71 is the same as last week, but 91 cents cheaper than this time last year.
  • Georgia: the current state average of $2.71 is 1-cent cheaper than last week and 90 cents cheaper than last year.
  • Tennessee: the current state average of $2.58 is the same as last week, but 89 cents cheaper than this time last year.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago Year Ago
National $2.792 $2.795 $2.801 $2.731 $3.681
Florida $2.713 $2.716 $2.712 $2.662 $3.615
Georgia $2.706 $2.711 $2.721 $2.631 $3.607
Tennessee $2.575 $2.578 $2.576 $2.473 $3.472
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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