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HomeNewsAAA reports Gas Prices have Fallen for Two Weeks in row

AAA reports Gas Prices have Fallen for Two Weeks in row

AAATampa, FL – The national average price for regular unleaded gasoline has fallen for 16 consecutive days, reaching today’s price of $2.21 per gallon. Today’s average is the lowest since February 2015, and represents a savings of 59 cents per gallon compared to the 2015 peak price of $2.80 (June 15th). 

“Gas prices keep falling because oil prices are low and gasoline supply continues to outpace demand,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Barring any unanticipated disruptions in supply, or spikes in the price of crude oil, the national average could fall below the $2.00 per gallon threshold for the first time since 2009 before the end of year.”

Fueling at the Pump

Nationwide, 21 percent of gas stations are selling gasoline below $2.00 a gallon. Drivers are saving 5 cents per gallon week-over-week and 8 cents per gallon month-over-month. Significant yearly savings persist, and the national average is discounted by 85 cents per gallon from this same date last year.

The price of oil sunk even lower last week signaling more discounts at the pump. West Texas Intermediate averaged $45.32 a barrel last week – $1.32 lower than the week before. Oil settled as high as $45.89 last Monday, then finished the week at $44.60.

The price of oil is responsible for about two-thirds the cost of a gallon of gasoline. For every $1.00 change in the price of a barrel, gas prices shift about 2.4 cents per gallon.

Still, gas prices have plenty of room to fall before catching up with these low oil prices.  Last week’s average price was the lowest for this time of year since 2003.

During that time, the national average price for a gallon of gasoline was $1.58.  It is unlikely that gasoline will return to levels that low, but $2.00 or slightly below is not out of the question.

The current average price in Florida of $2.12 is 6 cents lower than last week, and 93 cents lower than this time last year. In Georgia, the average price is $2.06, 6 cents cheaper than last week and 89 cents cheaper than this time last year. The average price in Tennessee is $1.95, 5 cents lower than last week, 86 cents lower than last year.

US average of $2.20 is the lowest on October 25th since 2006 (2.199) – the next lowest was on October 25th, 2004 which was $2.017.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago Year Ago
National $2.205 $2.211 $2.262 $2.291 $3.059
Florida $2.124 $2.131 $2.184 $2.144 $3.053
Georgia $2.064 $2.071 $2.122 $2.152 $2.946
Tennessee $1.954 $1.959 $1.997 $1.998 $2.805
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.

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