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July 18, 2018

AAA Gas Price Brief

Summer gas prices are highest in four years

| 7/10/2018

TAMPA, Fla. — Gas prices are holding steady in Florida, while inching higher in Georgia and Tennessee. Robust refinery output helped keep the market well-supplied and prices relatively steady, while a record-setting 39.7 million Americans hit the road for Independence Day. 

  • According to the latest EIA figures, demand is near record-levels, averaging 2 percent higher than last year. Fortunately, U.S. refineries are more than keeping pace. Gasoline production in the Gulf Coast is 12 percent better than this time last year. As a result, gasoline futures prices dropped 7 cents on the stock market last week.
  • Oil prices remain near multi-year highs, yet held relatively steady through last week. The price of crude settled at $73.80 per barrel on Friday - 35 cents less than the week before. 

"Reduced global oil supplies have caused summer travelers to pay a higher price at the pump this year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Fortunately, domestic gasoline production remains strong, which should help prevent major swings in summer gas prices. However, pump prices will pop if a major hurricane threatens refineries along the Gulf Coast. Last year, Hurricane Harvey caused a 40 cent spike."

Average Summer Gas Prices
  2014 2015 2016 2017 Today
National $3.57 $2.71 $2.23 $2.31 $2.87
Florida $3.50 $2.58 $2.19 $2.25 $2.72
Georgia $3.48 $2.57 $2.11 $2.18 $2.72
Tennessee $3.35 $2.45 $2.03 $2.08 $2.61

Regional Gas Prices

Gas prices in Florida declined by a half cent since last week. Motorists are paying nearly 60 cents per gallon more than they did this time last year. 

So far, motorists have found the most expensive summer gas prices in four years. Since June 1, Florida gas prices averaged $2.76 per gallon - an increase of nearly 50 cents compared to the average price last summer. However, current pump prices remain 20 cents below this year's high, set during Memorial Day weekend. 

Click here to view AAA's state and metro gas price averages

  • The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.84), Crestview-Fort Walton Beach ($2.83), and Miami ($2.81)
  • The least expensive gas price averages in Florida are in Tampa-St. Petersburg-Clearwater ($2.66), Jacksonville ($2.66), and Punta Gorda ($2.66) 

Gas prices in Georgia increased 3 cents since last week. Motorists are paying 61 cents per gallon more than they did this time last year. 

So far, motorists have found the most expensive summer gas prices in four years. Since June 1, Georgia gas prices averaged $2.75 per gallon - an increase of nearly 60 cents compared to the average price last summer. However, current pump prices remain 12 cents below this year's high, set during Memorial Day weekend. 

Click here to view AAA's state and metro gas price averages

  • The most expensive gas price averages in Georgia are in Atlanta ($2.79), Athens ($2.74), and Gainesville ($2.72)
  • The least expensive gas price averages in Georgia are in Warner Robins ($2.56), Albany ($2.58), and Columbus ($2.59)

Gas prices in Tennessee increased 1.5 cents since last week. Motorists are paying 60 cents per gallon more than this time last year. 

So far, motorists have found the most expensive summer gas prices in four years. Since June 1, Tennessee gas prices averaged $2.64 per gallon - an increase of nearly 60 cents compared to the average price last summer. However, current pump prices remain 12 cents below this year's high, set during Memorial Day weekend. 

Click here to view AAA's state and metro gas price averages

  • The most expensive gas price averages in Tennessee are in Jackson ($2.67), Nashville ($2.65), and Memphis ($2.65)
  • The least expensive gas price averages in Tennessee are in Clarksville-Hopkinsville ($2.55), Knoxville ($2.56), and Johnson City ($2.57)

Gas Price Tools

                             CURRENT AND PAST PRICE AVERAGES

                                           Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.865 $2.866 $2.854 $2.934 $2.263 $4.114 (7/17/2008)
Florida $2.719 $2.722 $2.724 $2.823 $2.143 $4.079 (7/17/2008)
Georgia $2.721 $2.722 $2.691 $2.798 $2.113 $4.164 (9/15/2008)
Tennessee $2.610 $2.611 $2.595 $2.684 $2.007 $4.118 (9/15/2008)
Click here to view current gasoline price averages

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 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 9.5 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 58 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, Travel & Tourism

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