Tampa, FL – Oil prices rose $3.00 last week, pushing retail gas prices 3-4 cents higher in Florida, Georgia, and Tennessee. This snapped a 62-day streak of gas price declines in Florida, for a total discount of 30 cents.
Current state averages remain 5-10 cents less than a month ago, 35-40 cents less than a year ago, and $1.30-$1.50 less than two years ago.
Gas prices remain at the lowest level for this time of year since 2004. Motorists currently save an average of $20.00 for a full tank of gas – compared to this time two years ago – when pump prices averaged $3.47 nationwide.
The weekly average for a barrel of WTI crude oil ($43.10) is $2.27 more than a week ago, and the highest in three weeks. Oil prices rose after the International Energy Agency forecast crude markets would tighten in the second half of 2016.
According to the EIA, the global oversupply of crude will clear out during the second half of the year. This is due to deep output cuts by producer outside of OPEC, and healthy global demand for crude oil.
Also putting upward pressure on oil prices is news that OPEC members and non-members agreed to an informal meeting in September to discuss the market situation and possible action to stabilize prices. Analysts believe oil prices could reach as high as $45.00 in the near term.
Current and Past Price Averages
Regular Unleaded Gasoline
 |
Sunday | Saturday | Week Ago | Month Ago | One Year Ago | Two Years Ago |
| National | $2.125 | $2.127 | $2.123 | $2.217 | $2.653 | $3.471 |
| Florida | $2.083 | $2.084 | $2.053 | $2.178 | $2.430 | $3.368 |
| Georgia | $2.022 | $2.023 | $1.978 | $2.072 | $2.433 | $3.357 |
| Tennessee | $1.905 | $1.908 | $1.884 | $2.001 | $2.299 | $3.233 |
| 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.
