Gas prices fell 74 cents from November – December 2014; will that happen again this year?
Tampa, FL – The price of gasoline tumbled lower last week as it continues to adjust to increased supplies and low oil prices. The average price of gasoline was $2.19 on Sunday, a 2 cent decline from last week.
“Prices should remain low through the holiday season,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The national average could dip well below $2.00 a gallon by Christmas as long as oil prices remain low and there are no interruptions in gasoline supply.”
Overall, October pump prices shifted lower by an average of 11 cents nationwide, 11 cents in Georgia, and 6 cents in both Florida and Tennessee.
November/December Gas Prices
| Nov. 2014 | Nov. 2000-’14 | Dec. 2014 | Dec. 2000-’14 | Nov-Dec 2014 | Nov-Dec 2000-’14 | |
|---|---|---|---|---|---|---|
| National | -22¢ | -11¢ | -51¢ | -5¢ | -74¢ | -16¢ |
| Florida | -20¢ | -8¢ | -41¢ | -4¢ | -61¢ | -12¢ |
| Georgia | -18¢ | -11¢ | -45¢ | -3¢ | -64¢ | -14¢ |
| Tennessee | -17¢ | -11¢ | -46¢ | -4¢ | -64¢ | -14¢ |
Looking forward, prices typically fall during the final months of the year. Since 2000, gas prices shifted lower by an average 16 cents from November thru December. Last year, motorists saw a major drop.
The average price fell 74 cents nationwide from November 1st the December 31st, 2014. That was largely due to the price of oil falling from $79.79 to $53.27 during that same period of time.
However, pump prices are unlikely to drop by that same margin again this year, as the price of oil fell to $45.00 a barrel mid-summer, kick-starting the discount at the pump that motorists are currently enjoying.
“However, pump prices continue declining because their adjustment to the lower price of oil was recently interrupted by refinery maintenance season, which caused a temporary jump in the price of gasoline,” Jenkins said. “Most refineries are now running at full capacity, supplying enough gasoline to meet seasonal demand.”
However, the downward trend in gas prices accelerated last December. The average price dropped 51 cents during the final month of 2014. Since 2000, gas prices nationwide have fallen an average of 5 cents, during December.
“It is unclear exactly how low gas prices will go this year, but motorists should expect these low gas prices to hang around through the rest of the year and into February, when another round of refinery maintenance typically causes prices to climb,” Jenkins said.
Current and Past Price Averages
Regular Unleaded Gasoline
 |
Sunday | Saturday | Week Ago | Month Ago | Year Ago |
| National | $2.185 | $2.179 | $2.205 | $2.289 | $2.995 |
| Florida | $2.093 | $2.095 | $2.124 | $2.151 | $2.970 |
| Georgia | $2.047 | $2.048 | $2.064 | $2.153 | $2.874 |
| Tennessee | $1.933 | $1.935 | $1.954 | $2.000 | $2.743 |
| 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.
