Oil market will keep gas prices volatile
Tampa, FL – Nationally, motorists are paying $2.11 per gallon, up 7 cents from last week, and the highest price at the pump since November 2015. The national average has remained above $2.00 a gallon for 25 consecutive days and could rise another 10-15 cents by Memorial Day.
“Many drivers saw gas prices jump up this week,” said Josh Carrasco, spokesman, AAA – The Auto Club Group. “Oil averaged $4.00 higher than last week, which put upward pressure on gasoline prices. Even though prices are up nearly 15 cents from a month ago, motorists are still enjoying a 30 cent savings year over year.”
[1]Crude oil hit it’s highest price of the year on Tuesday, closing at 42.17 a barrel, but finished the week at $40.36, up nearly $1.00 from last week. WTI oil averaged $41.23, the highest weekly average since November 2015.
Oil prices are projected to fall Monday as several major oil producing nations failed to come to an agreement on a production freeze today.
Saudi Arabia has said it will only freeze its output if Iran and other producers agree. Iranian oil is returning to the market after years of sanctions, and the OPEC member country has yet to agree to any production freezes and instead reiterates its desire to regain market share.
Regional Gasoline Prices
- The Florida average price for a gallon of gas is $2.06, up 1 cent from a week ago, but 42 cents cheaper compared to this time last year. Gas prices in Florida have been above $2 a gallon for 32 consecutive days, which is the longest streak since December 2015.
- The Georgia average price for a gallon of regular unleaded gas moved 9 cents higher compared to last week to $2.09, yet is 22 cents cheaper than a year ago. Georgia’s average has been above $2 a gallon for 20 consecutive days, the longest streak since November 2015.
- The Tennessee average price for a gallon of regular unleaded gasoline is $1.93, 7 cents higher than a week ago and 28 cents cheaper than a year ago. Gas prices in Tennessee are at their highest levels since November.
Current and Past Price Averages
Regular Unleaded Gasoline
 |
Sunday | Saturday | Week Ago | Month Ago | Year Ago |
| National | $2.113 | $2.114 | $2.043 | $1.963 | $2.429 |
| Florida | $2.064 | $2.065 | $2.047 | $2.014 | $2.476 |
| Georgia | $2.090 | $2.089 | $2.003 | $1.906 | $2.306 |
| Tennessee | $1.927 | $1.929 | $1.859 | $1.809 | $2.206 |
| Click here [2] to view current gasoline price averages | |||||
AAA updates fuel price averages daily at http://www.fuelgaugereport.aaa.com/ [3]. 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.