Tampa, FL – Gas prices leveled-off over the weekend after rising 10 cents in Florida and 3 cents nationwide. Meanwhile, pump prices saw little movement in Georgia and Tennessee.
“We saw sharp overnight increases at the pumps in Florida, due to rising oil prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “It’s possible pump prices in Georgia and Tennessee are having a delayed reaction to recent crude adjustments and could trend upward this week.”Crude oil markets dipped this week, due in large part to the strengthening of the U.S. dollar, which hit a new 14-year high.
Part of the reason for the dollar’s strengthening was because of the Federal Reserve’s announcement of increased interest rates. Typically, when the dollar strengthens, foreign investors get less oil for their dollar and oil prices drop.
However, the lingering impact of the OPEC agreement prevented those influences from reaching the retail market.
The total combined cuts by OPEC and non-member countries are reported to be around 1.8 million barrels per day, although some market watchers were skeptical that OPEC countries will keep to their agreed-upon cuts. Traders will continue to watch how OPEC and non-OPEC members move forward with the terms of the agreement.
At the close of Friday’s formal trading session on the NYMEX, WTI was up $1.00 to settle at $51.90 per barrel. Although that is more than a dollar below the highest daily settlement of the week.
Motorists will find the highest holiday gas prices in 2-3 years. The price for a gallon of regular unleaded on Christmas Day 2015 was $2.00 nationwide, $2.01 in Florida, $1.92 in Georgia, $1.77 in Tennessee. Gas prices will continue to be impacted by rising crude oil prices.
However, if crude prices remain steady, pump prices could trend down due to lower demand during the winter season.
Historical Christmas Day Gas Prices
(Average price for a gallon of regular unleaded)
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Current and Past Price Averages
Regular Unleaded Gasoline
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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.