Clarksville, TN Online: News, Opinion, Arts & Entertainment.


AAA reports July 4th Gas Prices were Lowest in Eleven Years

 

AAATampa, FL – AAA forecasted that a record-breaking 36.3 million Americans would take an Independence Day road trip this weekend. Those who did, found the lowest gas prices on July 4th in 11 years.   

“Despite the high demand, gas prices declined throughout the holiday weekend making travel even more affordable,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

2016 Independence Day Gas Prices

2016 Independence Day Gas Prices

“This year’s summer driving season is likely to set new records for both gasoline demand and vehicle miles traveled. Gasoline demand is currently at an all-time high, which would normally put additional pressure on refineries. However, refineries are increasing output and gasoline supply has more than kept pace with growing demand, which has led to lower gas prices,” stated Jenkins.

Gas Prices Declining

Gas prices been falling for nearly a month. The average price has declined for 27 consecutive days in Florida and Georgia, and 26 consecutive days in Tennessee. During that time, the average prices for regular unleaded declined 12 cents in Florida, 14 cents in Tennessee, and 15 cents in Georgia.

Have Gas Prices Peaked?

Although we won’t know for sure until the end of the year, motorists have likely seen the highest prices of 2016. Average prices peaked on June 7th at $2.35 in Florida, $2.28 in Georgia, $2.20 in Tennessee. Nationwide, motorists are finding the lowest prices for this time of year since 2005.

The average price for a gallon of gasoline is 50 cents less than this time last year and $1.39 less than two years ago. Motorists are saving an average of $20.00 for a full tank of gas compared to what they paid in July 2014.

Oil Prices Stabilize

The oil market recovered after dipping nearly $5.00 in response to the “Bexit” vote, but did not move high enough to impact gas prices. Oil prices are now relatively stable, which is good news for motorists, as the price of oil influences about two-thirds the price of gasoline. Crude oil averaged $48.28 a barrel last week – 74 cents less than the week before.

The global oil market is responding to expectations of increased supply, thanks to the return of production from the Canadian Oil Sands and reports of strong output from OPEC member countries.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Two Years Ago
National $2.272 $2.274 $2.307 $2.354 $2.767 $3.663
Florida $2.231 $2.235 $2.263 $2.345 $2.674 $3.602
Georgia $2.130 $2.134 $2.174 $2.274 $2.659 $3.573
Tennessee $2.060 $2.065 $2.098 $2.195 $2.527 $3.449
Click here to view current gasoline price averages

 

AAA updates fuel price averages daily at www.GasPrices.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.


Sections

News

Topics

, , , , , , , , , , , , , , , , , , ,

Comments

You must be logged in to post a comment.


  • Visit Us On FacebookVisit Us On TwitterVisit Us On PinterestVisit Us On YoutubeCheck Our FeedVisit Us On Instagram
  • Personal Controls

    Archives