AAA reports Volatility at the Pump as Oil Prices Rise

Tampa, FL – Gas prices are about the same – if not less – than last week, in the southeastern United States. During the past seven days, state averages declined 4 cents in Georgia and 2 cents in Tennessee. The state average in Florida is the same.

“Volatility continues in the Southeastern and Mid-Atlantic regions where gasoline prices remained high as a result of the Colonial Pipeline disruption,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Even though the Colonial Pipeline successfully restarted Line 1 more than a week ago, the effect of the disruption is still being felt in those regions and will take some time to get fully resupplied.”

The cost of producing gasoline got more expensive last week, thanks to rising oil prices. Crude oil traded higher Friday morning following OPEC’s announcement that it had agreed to an oil production freeze.

OPEC has provided no details on the agreement or how it will implement production cuts, but members will be meeting again on November 30th.

Traders will continue to watch for additional announcements from OPEC members and keep an eye on discussions surrounding the upcoming meeting.

Crude Oil Impacting Florida Gas Prices

Florida’s gas prices were not impacted by the Colonial Pipeline shutdown, but remain prone to fluctuations in crude oil. At the close of Friday’s formal trading session on the NYMEX, WTI was up 41 cents to settle at $48.24 per barrel. Friday’s closing price is $3.57 more than last week’s low on Tuesday.

The oil price increase snapped a 29-day streak of declines at the pump, which delivered a total discount of 9 cents during that period. Florida’s average price of $2.15 is the same as the averages last week and this time last year.

Georgia & Tennessee Prices Shift Lower

Gas prices in Georgia and Tennessee continue to recover from the Colonial Pipeline leak, which caused prices to rise 28 cents in Georgia and 17 cents in Tennessee. Since the restart, state averages have declined 6 cents in Georgia and 3 cents in Tennessee.

The Georgia average of $2.31 is 4 cents less than a week ago, but 15 cents more than this time last year. The Tennessee average of $2.14 is 2 cents less than last week, but 14 cents more than this time last year.

Current and Past Price Averages

Regular Unleaded Gasoline

 

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.