NAVIGATION

January 18, 2018

Press Release

AAA: Gas prices surge in Florida; Georgia and Tennessee slip lower

| 6/5/2017

TAMPA, Fla.  — The national average price for gasoline drifted slightly higher during the past week. Sunday's average price of $2.38 is 1-cent more than a week ago, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express. 

Gas Price Tools for Reporters/Consumers

  • GasPrices.AAA.com - Daily national, state, and metro gas price averages.
  • AAA Mobile app - Free app that shows current prices at a gas station near you.

Regional Gas Prices

Florida gas prices rose 7 cents during the past week. The state average was $2.37 on Sunday, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express.

Some of the largest weekly price hikes in the state were in Tampa (13 cents), Orlando (12 cents), Jacksonville and Fort Meyers-Cape Coral (9 cents)

Sunday's average is 2 cents less than last month, but remains 2 cents more than the average this time last year.

  • The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.45), Miami ($2.39), and Fort Lauderdale ($2.39)
  • The least expensive gas price averages in Florida are in Pensacola ($2.35), Jacksonville ($2.35), Tallahassee ($2.35)

Tampa gas prices jumped 13 cents during the past week. The average price reached $2.36 before leveling off on Sunday, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express.

Tampa had the largest weekly increase of any major metro market in the state. The largest price hikes occurred in Tampa (13 cents), Orlando (12 cents), Jacksonville and Fort Myers-Cape Coral (9 cents).

The average price in Tampa Bay is the same as a month ago, and 5 cents more than this time last year. Tampa Bay's Sunday average is 1-cent less than the state average.

  • The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.45), Miami ($2.39), and Fort Lauderdale ($2.39)
  • The least expensive gas price averages in Florida are in Pensacola ($2.35), Jacksonville ($2.35), Tallahassee ($2.35)

"Florida gas prices were brought back in line with where they probably should've been selling, based on prices in the wholesale market," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Fortunately, the retail side has leveled off, and could even be on the way back down this week. Oil and wholesale prices weakened last week, which should allow gas prices to slip a few cents."

Georgia gas prices declined by almost a full cent during the past week. Sunday's state average was $2.22, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express. The state average is 5 cents less than this time last year. 

Georgia's state average is 2 cents less than a month ago, and 5 cents less than this time last year. Summer gas prices averaged $2.11 last year, and $2.57 the year before.

  • The most expensive gas price averages in Georgia are in Atlanta ($2.25), Savannah ($2.23), and Columbus ($2.20)
  • The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.10), $2.15 (Macon), and Albany ($2.16)

Tennessee gas prices declined almost a full cent during the past week. Gas prices in Tennessee averaged $2.11 on Sunday, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express. 

The state average is 3 cents less than a month ago, and 9 cents less than this time last year. Summer gas prices averaged $2.03 last year, and $2.45 the year before.

  • The most expensive gas price averages in Tennessee are in Nashville ($2.15), Memphis ($2.12), Clarksville-Hopkinsville ($2.09)
  • The least expensive gas price averages in Tennessee are in Chattanooga ($2.01), Johnson City-Kingsport-Bristol ($2.08), Knoxville ($2.09)

Gasoline demand reached record highs during Memorial Day weekend, according to data provided by the EIA. That combined with another week of declining crude inventories was still not enough to boost oil prices. The price of WTI settled at $47.66/b on Friday - the lowest daily settlement in three weeks. The market will likely stay at current levels until there are more significant draws in supplies. Reuters reports that the market moved lower in response to President Trump's decision to withdraw from an international climate accord, which speculators believe would spur further domestic production and contribute to a persistent global oversupply. U.S. oil production climbed again last week, hitting 9.34 million barrels per day - the highest level since August 2015. U.S. drillers added 11 rigs last week, setting a new record of 20 consecutive weeks of growth.

"This bearish sentiment has set the stage for lower prices at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "How the market responds this week will be a strong indicator for where gas prices will go this summer. As it stands right now, summer gas prices should remain at or below last year's levels."

Florida Gas Prices

gas prices

Fuel Fundamentals
(Based on weekly data provided by the EIA)

  • Crude oil prices dropped $2 on the week, settling at $47.66 - the lowest daily settlement since May 10
  • U.S. crude inventories decreased by 6.4 million barrels from the week before
  • Domestic crude production climbed, reaching the highest level since August 2015, growing another 22,000 bpd
  • Refineries are running strong, at a rate of 1-percentage point higher than the week before
  • Wholesale gasoline prices lost strength by about 3.7% during the past week
  • Domestic gasoline production increased 1.8% compared to the week before
  • Gasoline supplies dropped 1.2% domestically, but grew 0.13% at Gulf Coast refineries
  • Gasoline demand reached record-highs, with implied demand levels growing 1.2% from the week before; and almost 1.1% better than this time last year. Even still, the 4-week average remains lower than last year, by 0.7%

For current gas prices in your Florida neighborhood, click here.

Motorists can find the lowest gas prices in their area by downloading the free AAA Mobile app.


 

Gas Price Survey Methodology
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, 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. AAA clubs can be visited on the Internet at AAA.com.

 

Tags: Transportation

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