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AAA reports Falling Oil pushes Gas Prices at the Pump Lower

 

AAATampa, FL – Gas prices dipped last week after the price of oil fell to its lowest level in 3 months. West Texas Intermediate settled below $51.00 a barrel for the first time since April and gas prices are responding in kind.

“The price of oil continues to be the main driver of gas prices, said Mark Jenkins, spokesman, AAA – The Auto Club Group. “As oil gets cheaper, it becomes less expensive to produce gasoline, and those savings are reflected in prices at the pump.”

AAA - July 2015 Historical Oil Prices

Three weeks ago, oil settled as high as $59.47 a barrel. The peak price this year was $61.43 in June.

Last week, oil sunk to $50.89/b – the lowest settlement since April 9th, when gas prices were 20 cents cheaper.

The price of oil has been moving lower since July 1st, due to a variety of factors including ongoing concerns over a glut of crude supplies, a stronger U.S. dollar, and the Iranian Nuclear Deal. The agreement is expected to eventually result in the addition of millions of barrels of oil to the world’s oil markets, but some analysts say that may take several months.

Gas prices have been on the downward trend since peaking in mid-June. Florida gas prices have declined 30 out of the last 31 days. Georgia prices have fallen 28 of the last 34 days. Tennessee gas prices have declined 29 of the last 32 days. The highest state average prices this year were $2.72 in Florida and Georgia, and $2.58 in Tennessee.

AAA - 2015 July National Average Gas Price Comparison

Regional Prices

  • The National average price ($2.76) is 1-cent cheaper than last week, 4 cents cheaper than a month ago, and 82 cents cheaper than this time last year.
  • The Florida state average price ($2.63) is 3 cents cheaper than last week, 9 cents cheaper than a month ago, and 88 cents cheaper than this time last year.
  • The Georgia state average price ($2.61) is 5 cents cheaper than last week, 11 cents cheaper than a month ago, 87 cents cheaper than this time last year.
  • The Tennessee state average price ($2.47) is 4 cents cheaper than last week, 11 cents cheaper than a month ago, 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 $2.756 $2.759 $2.768 $2.799 $3.584
Florida $2.626 $2.631 $2.660 $2.719 $3.514
Georgia $2.607 $2.613 $2.655 $2.716 $3.483
Tennessee $2.469 $2.474 $2.510 $2.582 $3.363
Click here to view current gasoline price averages

 

AAA updates fuel price averages daily at http://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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