Tampa, FL – Gas prices seemed to find level ground over the weekend after increasing for more than two weeks. Before the weekend, gas prices rose an average of 12 cents in 19 days, nationwide; 13 cents in 14 days, in Florida; 13 cents in 18 days, in Georgia; and 14 cents in 20 days, in Tennessee.
“Gas prices rose the wave of rising oil prices last week, pushing pump prices slightly higher in some regions before eventually stalling out over the weekend,” said Mark Jenkins, spokesman, AAA The Auto Club Group.
[1]Gas Prices level off. (AAA)
“Motorists should expect more volatility at the pump throughout the next couple of months, as prices are poised to gain another 30 cents by the summer,” stated Jenkins.
Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com [2]. Motorists can find the lowest gas prices along their route with the free AAA Mobile app [3]for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile [3].
Oil prices swelled to their highest levels since March 1. The price for a barrel of crude averaged $53.19 last week – an increase of $1.92 from the week before. The increase comes after OPEC released its monthly report, which showed solid economic growth and higher gasoline demand in the U.S. and Asia.
These contributing factors could result in a reduction in crude price volatility and increased market stability. The International Energy Agency (IEA) also released its monthly report this week. It stated that the global oil market could be very close to balancing supply and demand. However, IEA noted in the absence of OPEC extending its production cuts, the second half of the year could be more volatile due to a tighter U.S. supply and lower global oil demand.
Fuel Fundamentals
(Based on weekly data provided by the EIA)
- Crude oil prices averaged $53.19 per barrel – the highest weekly average in six weeks. Tuesday’s closing price of $53.40 is the highest daily settlement since March 1, 2017. WTI settled at $53.18/b on Friday.
- Wholesale gasoline prices declined 1-2 cents toward the end of last week.
- U.S. crude oil inventories remain near record-levels, but trended lower for the third-consecutive week; declining 2.2 million barrels from the week before. At 533.4 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year.
- Domestic crude production increased slightly to 9.2 million barrels per day – a 0.39% increase from the week before.
- Gasoline demand increased 0.32 percent from the week before, but remains 1-percent less than year-ago levels.
- Gasoline inventories are 1.5 percent lower than a year ago, yet remain in the upper half of the average range for this time of year.
- Gasoline production was 1.2% lower than the week before, and 1.5% lower than this time last year.
- Refinery utilization slipped 1.4 percentage points, indicating refinery maintenance is still underway.
Regional Gas Prices
Florida gas prices averaged $2.42 on Sunday – the same price as this time last week.
- The most expensive metro markets are West Palm Beach/Boca Raton ($2.52), Fort Lauderdale ($2.48), and Miami ($2.47)
- The least expensive metro markets are Jacksonville ($2.38), Tampa/St. Petersburg/Clearwater ($2.38), and Orlando ($2.39)
Georgia gas prices averaged $2.29 on Sunday – a 1-cent increase from last week.
- The most expensive metro markets in the state are Savannah ($2.32), Atlanta ($2.31), and Valdosta ($2.30)
- The least expensive metro markets in the state are Augusta/Aiken ($2.20), Macon ($2.23), and Columbus ($2.25)
Tennessee gas prices averaged $2.18 on Sunday – a 4 cent increase from last week.
- The most expensive metro markets in the state are Memphis ($2.20), Knoxville ($2.19), and Nashville ($2.17)
- The least expensive metro markets in the state are Clarksville/Hopkinsville ($2.11), Chattanooga ($2.13), and Johnson City/Kingsport/Bristol ($2.15)
Motorists can find the lowest gas prices in their area by downloading the free AAA Mobile app [4].
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Current and Past Price Averages
Regular Unleaded Gasoline
 |
Sunday | Saturday | Week Ago | Month Ago | One Year Ago | Highest Price on Record |
| National | $2.407 | $2.407 | $2.387 | $2.286 | $2.114 | $4.114 (7/17/2008) |
| Florida | $2.421 | $2.423 | $2.421 | $2.271 | $2.065 | $4.079 (7/17/2008) |
| Georgia | $2.288 | $2.289 | $2.275 | $2.178 | $2.089 | $4.164 (9/15/2008) |
| Tennessee | $2.175 | $2.175 | $2.140 | $2.045 | $1.929 | $4.118 (9/15/2008) |
| Click here [2] to view current gasoline price averages | ||||||
AAA updates fuel price averages daily at www.GasPrices.AAA.com [2]. 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, insurance, financial services and travel 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 57 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android.
Learn more at AAA.com/mobile [5]. AAA clubs can be visited on the Internet at AAA.com [6].