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HomeNewsAAA reports Gas Prices Rise 6-10 Cents in One Week

AAA reports Gas Prices Rise 6-10 Cents in One Week

AAATampa, FL – Motorists likely noticed an increase in prices at the pump last week. Gas prices are following their seasonal upward trend, increasing an average of 6 cents in the past week. The national average rose 11 days in a row – the longest streak of increases since May 2015 – for a total of 11 cents before leveling-out on Sunday. 

“Shifts in the price of oil, supply and demand, and refinery maintenance, are all factors pushing gas prices higher,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Fuel supplies usually tighten this time of year as Americans begin taking spring vacations and refineries reduce output while conducting seasonal maintenance. These factors will likely push gas prices 30-50 cents higher by Memorial Day weekend.”

2016 - March National Average Gas Prices

Regional Gas Prices

  • Florida – Gas prices have increased eight of the past 10 days, for a total of 11 cents. The state average price of $1.84 is 10 cents higher than last week, but 62 cents lower than this time last year and $1.62 lower than the price on March 6th, 2014. Motorists are saving $24.00 for a full tank of gas compared to what they paid two years ago.
  • Georgia – Gas prices have increased nine of the past 10 days, for a total of 10 cents. The state average price of $1.73 is 7 cents higher than last week, but 57 cents lower than this time last year and $1.56 lower than the price on March 6th, 2014.
  • Tennessee – Gas prices have increased nine of the past 10 days, for a total of 9 cents. The state average price of $1.60 is 7 cents higher than last week, but 63 cents lower than this time last year and $1.62 lower than the price on March 6th, 2014.

Crude Oil

2016 - March Daily Oil Prices

Talks of a potential meeting between production countries, to discuss a freeze in oil production, continues to impact global oil prices. Skepticism remains around the impact of this plan to help bring global supply and demand into balance, largely due to a number of the countries involved being reliant on oil revenues to support national operations and social programs.

Domestic crude oil supplies remain at record levels, climbing 2 percent higher than last week and 17 percent higher than this time last year.

However, the price of oil rose last week as the oil industry makes production cuts in response to lost profits. Domestic oil production is down 1-percent from a week ago, and 3 percent lower than this time last year.

The price of crude oil climbed 8 percent during the past week, for a total increase of 24 percent in three weeks. Friday’s settlement of $35.92/b was the highest daily settlement since January 6th, 2016. On that day, gas prices averaged $2.00 (U.S. and FL), $1.89 (GA), and $1.75 (TN).

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago Year Ago
National $1.813 $1.813 $1.746 $1.752 $2.458
Florida $1.841 $1.843 $1.740 $1.804 $2.463
Georgia $1.731 $1.732 $1.660 $1.708 $2.297
Tennessee $1.595 $1.597 $1.526 $1.573 $2.226
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.

(Click here to see daily averages)

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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