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AAA reports Oil Prices Hit Lowest Weekly Settlement in 13 Years

 

AAATampa, FL – Motorists have fallen in love with paying the lowest gas prices in seven years. The national average price for a gallon of regular unleaded was $1.70 on Valentine’s Day this year, 55 cents lower than last year, and $1.64 lower than the same day in 2014.    

“Gas prices continue to hover at levels unseen since 2009, largely due to the lower crude oil prices and minimal disruptions in supply,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Oil and gasoline supplies are at their highest levels on record, which should prevent upswings in pump prices until refinery maintenance season begins.”

2016 - February Daily Oil Prices

Gas prices have fallen 40 of the past 45 days, declining at a rate of about a half cent a day.

So far this year, retail prices have fallen 30 cents nationwide, 25 cents in Georgia, and 24 cents in Florida and Tennessee.

Global oil prices keep swinging due to speculations about future supply and demand, but on the whole remain depressed in comparison to previous years. Crude oil prices averaged $28.15 last week, the lowest weekly settlement since 2003.

Daily settlements reached as low as $26.21 a barrel last week due to worries about the market’s oversupply, but rebounded on the possibility of OPEC reportedly considering a production cut later in the week.

Market fundamentals remain out of balance, and the current glut in supply is likely to keep a ceiling on the price of crude oil in the near term. WTI closed out the week up $3.23 and settled at $29.44 per barrel.

2016 - February National Average Gas Prices

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago Year Ago
National $1.697 $1.698 $1.744 $1.937 $2.246
Florida $1.755 $1.757 $1.798 $1.954 $2.314
Georgia $1.651 $1.655 $1.700 $1.837 $2.175
Tennessee $1.510 $1.514 $1.566 $1.710 $2.110
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 56 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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