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AAA reports Gas Prices above Two Dollars for first time in Three Months

AAATampa, FL The national average climbed above the $2.00 benchmark last week for the first time in 83 days. Sunday’s average price of $2.04 per gallon represents an increase of 6 cents compared to a week ago. The national average has increased for 20 days in a row for a total of 23 cents.

Drivers are paying six cents per gallon more than a week ago and while yearly savings persist, they are beginning to dwindle. Sunday’s price represents a savings of 39 cents per gallon year-over-year, and $1.50 compared to two years ago.

2016 March Weekly Fuel Price Averages

“Gas prices keep pushing higher due to upward pressure on crude oil, supply and demand, and refinery maintenance season,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The weekly average price of oil shifted higher by nearly $.002 a barrel last week, signaling what could be another 5 cent hike at the pump. Although pump prices should rise more in the coming months, they will likely remain lower than year-ago comparisons.”

The weekly average price of crude oil has increased for the past six consecutive weeks. West Texas Intermediate averaged $40.15 a barrel last week, the highest since December 4th, 2015. Global oil prices settled as high as $41.45 on Tuesday, but hovered around $39.00 a barrel for most of last week. The price of crude slid at the end of the week on news that U.S. oil stocks rose by more than 9 million barrels last week.

However, prices have seesawed due to expectations of future supply and demand. Market fundamentals continue to point to oversupply and despite the sentiment that prices could rebound, an overall bearish sentiment persists.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Two Years Ago
National $2.038 $2.036 $1.982 $1.740 $2.427 $3.536
Florida $2.066 $2.065 $2.030 $1.738 $2.495 $3.609
Georgia $1.989 $1.988 $1.939 $1.655 $2.224 $3.385
Tennessee $1.904 $1.899 $1.819 $1.518 $2.145 $3.318
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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