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AAA says Seasonal Gas Prices are lowest in 12 Years

 

AAATampa, FL – Motorists are finding the lowest gas prices for this time of year since 2004. Sunday’s national average price of $2.12 is 24 cents above the average price 12 years ago, but remains 50 cents less than a year ago and $1.36 less than two years ago.

“Gas prices across most of the country continue to slide during the peak road-trip season due to abundant supplies,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “With gasoline supplies high and oil prices low, pump prices are likely to remain relatively cheap through the remainder of the summer and into the fall. Motorists can now find gas prices under $2.00 a gallon at 44 percent of gas stations across the country.”

2016 - August National Averages Gas Prices

Gas Prices

  • Florida’s average price for regular unleaded has declined 61 consecutive days for a total of 29 cents
    • Sunday’s average price of $2.05 is 42 cents less than a year ago and $1.36 less than two years ago
    • Today’s average is 24 cents more than this day in 2004
    • Half of the gas stations in Florida have prices less than $2 a gallon
  • Georgia’s average price for regular unleaded has declined 58 of the last 61 days for a total of 30 cents
    • Sunday’s average price of $1.98 is 49 cents less than a year ago and $1.39 less than two years ago
    • Today’s average is 21 cents more than this day in 2004
    • Three-quarters of the gas stations in Georgia have prices less than $2 a gallon
  • Tennessee’s average price for regular unleaded has declined 58 of the last 61 days for a total of 32 cents
    • Sunday’s average price of $1.88 is 45 cents less than a year ago and $1.37 less than two years ago
    • Today’s average is 9 cents more than this day in 2004
    • 90 percent of gas stations in Tennessee have prices less than $2 a gallon

While a record number of American motorists have hit the road for summer travel, demand did not rise as sharply as anticipated.This was evident in a recent Energy Information Administration report, which revised the mark for U.S. gasoline demand in May lower by 213,000 barrels per day to 9.436 million. While lower than first reported, this demand number was still the highest total on record for the month of May.

Despite the lowest seasonal prices in more than a decade, unexpected events could trigger higher prices. Rising crude oil costs due to a disruption in supply, stronger than expected economic growth or geopolitical tensions overseas could lead to higher pump prices nationwide, or regional prices could increase due to refinery problems, production cuts, stronger than anticipated demand, or hurricanes that impact distribution and production, which has happened in several Midwestern states over the past week.

After briefly falling below the $40.00 per barrel threshold earlier this week, the price of West Texas Intermediate crude oil recovered back above this benchmark during the second half of the week. At the close of today’s formal trading session on the NYMEX, WTI was down 13 cents to settle at $41.80 per barrel.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Two Years Ago
National $2.123 $2.124 $2.135 $2.258 $2.616 $3.475
Florida $2.053 $2.053 $2.077 $2.222 $2.474 $3.388
Georgia $1.978 $1.978 $1.993 $2.119 $2.469 $3.371
Tennessee $1.884 $1.885 $1.893 $2.049 $2.334 $3.252
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.


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