Summer gas prices forecast to be the lowest in more than a decade
Tampa, 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.
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
Current and Past Price Averages
Regular Unleaded Gasoline
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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.
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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.