Tampa, FL – Prices at the pump are moving lower, but face upward pressure due to increased oil prices. Crude oil reached 11-month highs last week and that could lead to higher gasoline prices.
“Rising oil prices typically lead to increased gas prices, but that has not happened yet,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Fortunately, last week’s shift in oil prices was not dramatic and wholesale prices are lower than a week ago, so it’s possible pump prices could get cheaper.”
The average prices for gasoline are $2.38 nationwide, $2.34 in Florida, $2.26 in Georgia, and $2.19 in Tennessee. Compared to last week, average prices declined by 2 cents in Georgia, and 1-cent in Florida and Tennessee. Prices remain about 40 cents lower than a year ago and $1.25 less than two years ago.
“We’re entering the week when gas prices reached their annual peak last year. So far, fuel prices have followed similar trends as last year. It’s possible prices could peak this month, but it all hinges on which direction oil prices go for the rest of the year.”
Last week, crude oil prices reached their highest point since July 2015. Daily settlements were as high as $51.23, with a weekly average of $50.18 – $1.20 more than the week before. Oil prices rose during the first half of the month on news of outages from key production countries and growing gasoline demand, but a strengthened U.S. dollar pushed prices lower toward the end of the week.
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.
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.