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AAA reports Memorial Day Gas Prices hit 11 Year Low

 

Summer gas prices forecast to be the lowest in more than a decade

AAATampa, FL Today, motorists found the lowest gas prices on Memorial Day in 11 years. The average price for a gallon of gasoline was $2.32 nationwide, $2.25 in Florida, $2.27 in Georgia, and $2.16 in Tennessee.

This year’s average prices were 42 cents (US), 39 cents (FL & GA), and 32 cents (TN) lower than last year’s holiday averages.

2016 Memorial Day Gas Prices

“Pump prices increased through the weekend, but not by enough to deter holiday travelers from taking a road trip,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Prices remained at levels not seen since 2005, leading to the most Memorial Day road-trippers since the same year. On average, drivers are saving $20.00 for a full tank of gas compared to this time two years ago when gas exceeded $3.60.”

Gas prices are encouraging Americans to drive more than ever before. Gasoline demand in April (most recent figures available) were the highest on record. This high demand and the rising price of crude are putting upward pressure on the price of gasoline. Since last Monday, the average price rose 3 cents in Tennessee, and 4 cents across the U.S. and in Florida and Georgia.

Oil Prices Push Gas Higher

Crude oil prices are at 10-month highs. The U.S. benchmark (WTI) averaged $48.94 last week – $1.91 more than the week before, and the highest weekly average since July 24th, 2015 ($49.26). Since hitting this year’s low of $26.19 in February, the price of oil rose 89 percent, settling at $49.48 on Thursday.

“Crude oil actually traded above $50.00 last week for the first time since October,” Jenkins said. “Prices were pushed higher by a report saying U.S. crude supplies fell more than expected, even though stocks remain higher than a year ago. Supply disruptions in Canada, Nigeria and Venezuela; and stronger demand in China, India and Russia are also influencing the market.”

Summer Gas Prices Could be Lowest in 11 Years

Unless oil prices suddenly surge, motorists should find the lowest summer gas prices since 2005. Gas prices from June 1st – August 31st, 2015, averaged $2.71 (US), $2.58 (FL), $2.57 (GA), and $2.45 (TN). During that period prices went from $2.75 (6/1) to $2.47 (8/31). So far this year, prices have followed last year’s trends, and if that continues, prices will peak in mid-June.

Last year, prices rose 7 cents between May 30th and June 15th, the day when the national average reached the yearly peak of $2.80.

Summer Gasoline Price Averages

6/1-8/31 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
National $2.30 $2.93 $2.94 $2.96 $2.60 $2.73 $3.65 $3.54 $3.58 $3.57 $2.71
Florida $2.32 $2.91 $2.90 $3.94 $2.60 $2.68 $3.62 $3.43 $3.52 $3.50 $2.58
Georgia $2.22 $2.86 $2.85 $3.90 $2.44 $2.60 $3.59 $3.39 $3.45 $3.48 $2.57
Tenn. $2.20 $2.79 $2.80 $3.79 $2.43 $2.56 $3.49 $3.27 $3.34 $3.35 $2.45

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Two Years Ago
National $2.323 $2.322 $2.282 $2.208 $2.731 $3.661
Florida $2.251 $2.252 $2.212 $2.208 $2.659 $3.609
Georgia $2.265 $2.266 $2.221 $2.162 $2.678 $3.602
Tennessee $2.158 $2.158 $2.121 $2.041 $2.48 $3.449
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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