AAA reports Oil Prices Hit Three Month Low, Gas Prices Falling Again

Tampa, FL – Gas prices should slip lower this week after the price of oil hit its lowest settlement since August. Gasoline prices nationwide are averaging $2.17, after slipping 5 cents last week. Motorists are now saving an average of $11.00 for a full tank of gas.

“Americans are finding the cheapest gas prices for this time of year since 2008,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Now that oil prices are falling again, pump prices should get even cheaper as we approach the holiday travel season.”

The price of oil closed the week at $40.74 on the NYMEX Friday afternoon. This comes one week after the price of oil reached as high as $47.90.

This downward trend in oil prices will make it cheaper to produce gasoline, which will put downward pressure on prices at the pump.

Although prices in Georgia and Tennessee have been declining for six and seven days respectively, Florida gas prices shot up 5 cents last week due to delayed adjustments to the recent oil price increase. Fortunately, Florida prices are falling again in line with the price of oil.

Global oil prices are sliding following news that U.S. crude oil stockpiles increased for the seventh consecutive week, and OPEC stating that a deepening oil supply glut was likely on the horizon.

Recent data from the International Energy Agency also points to growing global supply, capable of outpacing demand, which is expected to keep a downward pressure on the global price of crude oil in the near term. Oversupply is also impacting the domestic oil market, and according to the U.S. EIA crude oil inventories continue to test the record levels reached this past April.

• The current price of gasoline in Florida is $2.18 – 4 cents higher than a week ago, 3 cents lower than last month, and 71 cents lower than this time last year.
• The current price of gasoline in Georgia is $2.09 – 4 cents lower than a week ago, 6 cents lower than last month, and 73 cents lower than this time last year.
• The current price of gasoline in Tennessee is $1.98 – 4 cents lower than a week ago, 3.5 cents lower than last month, and 70 cents lower than this time last year.

Current and Past Price Averages

Regular Unleaded Gasoline

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 55 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety.