AAA reports Gas Prices Rise on New OPEC Deal
Tampa, FL – Motorists are already seeing higher prices at the pump this week, and prices will move even higher now, based on an agreement reached today, by the Organization of Petroleum Exporting Countries.
OPEC announced plans to cut crude oil production by 1.2 million barrels a day to 32.5 million a day, effective in January 2017. The shift is aimed at draining a global glut that led to lower fuel prices in the last two years.
Retail prices could rise 10-15 cents
Analysts believe the OPEC agreement could boost crude prices by $5.00 or more, which would directly lead to increases of at least 13 cents at the pump. Retail prices were already rising this week based on the expectation that a deal would be reached.
So far this week, average prices are up 3 cents in Florida, 2 cents in Tennessee, while Georgia’s average is unchanged. “Now that the deal is official, there is potential for prices to move even higher, based on the rate that oil prices climb,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
As of press time, oil prices have risen almost $4.00 to over $49.00 a barrel, and wholesale gasoline shot up 10 cents on the NYMEX.
Current and Past Price Averages
Regular Unleaded Gasoline
 |
Wednesday | Tuesday | Week Ago | Month Ago | One Year Ago | Two Years Ago |
| National | $2.150 | $2.135 | $2.131 | $2.213 | $2.040 | $2.776 |
| Florida | $2.128 | $2.097 | $2.097 | $2.231 | $2.065 | $2.773 |
| Georgia | $2.086 | $2.086 | $2.096 | $2.170 | $1.979 | $2.691 |
| Tennessee | $1.957 | $1.950 | $1.947 | $2.041 | $1.869 | $2.569 |
| 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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