Clarksville, TN Online: News, Opinion, Arts & Entertainment.


AAA reports another Week of Increased Gas Prices

 

AAATampa, FL – Elevated demand and seasonal refinery maintenance kept upward pressure on the price of gasoline last week.

The national average price for a gallon of gasoline rose 2 cents from last week, while average prices jumped 7 cents in Florida, 1-cent in Georgia and 3 cents in Tennessee. 

2015 National Average Gas Prices - October

“For the first time in recent memory year-over-year discounts are below the $1.00 per gallon benchmark, largely because gas prices began falling this time last year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Consumers are saving 93 cents per gallon versus this same date last year. Gas prices could remain volatile as refinery maintenance season continues, which leaves supplies tightened while gasoline demand remains high. The good news for motorists is that prices are still forecast to slip back toward $2.00 a gallon by the end of the year.”

The national average price of gas has fallen in October for three years in a row. Gas prices typically drop in October due to a seasonal decline in both driving and fuel demand. Driving is expected to remain relatively strong because of low gas prices.

Total U.S. driving topped 1.82 trillion miles during the first seven months of the year, beating the previous record of 1.77 trillion set during the first seven months of 2007, according to the latest estimates by the Federal Highway Administration. Even though driving should decline from summertime highs through the end of the year based on typical seasonal trends, 2015 could go down as the busiest driving year of all time.

Oil prices moved higher last week due to geopolitical tensions and a weakening dollar. Russia has increased its presence and engagement in Syria causing unrest and turmoil in the region which could disrupt and/or limit supply. The US dollar weakening is also reported to be underpinning the rally.

West Texas Intermediate crude oil is priced in US dollars, so as the value of the dollar drops WTI becomes relatively less expensive and a more attractive investment.

At the close of Fridays formal trading on the NYMEX, WTI was up 20 cents per barrel, settling at $49.63 per barrel.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago Year Ago
National $2.317 $2.320 $2.291 $2.360 $3.221
Florida $2.220 $2.221 $2.153 $2.227 $3.256
Georgia $2.161 $2.164 $2.154 $2.210 $3.203
Tennessee $2.026 $2.027 $2.001 $2.070 $3.013
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 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 55 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety.


Sections

News

Topics

, , , , , , , , , , , , , , , , , , , , , , ,

Comments

You must be logged in to post a comment.


  • Visit Us On FacebookVisit Us On TwitterVisit Us On PinterestVisit Us On YoutubeCheck Our FeedVisit Us On Instagram
  • Personal Controls

    Archives