AAA: JULY 4TH GASOLINE WAS LOWEST IN 6 YEARS

 AAA forecast the most auto travelers for the Independence Day holiday on record, and motorists in Florida and Tennessee found the cheapest gas prices for the holiday since 2009, while gasoline in Georgia was the lowest since 2010.

“Low gas prices were a major driver in the rise in auto travelers this year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “However, Americans have grown cautious about rising gas prices during recent months and worry they would be again be paying $3 a gallon soon. Fortunately, gas prices peaked last month and have been on a slow and relatively steady downturn during the past 20 days, which is even more incentive for Americans to take a road trip this summer.”

Gasoline Price Peaks Date Price Date Price
National June 15, 2015 $2.804 April 28, 2014 $3.70
Florida June 18, 2015 $2.719 April 18, 2014 $3.76
Georgia June 15, 2015 $2.724 April 30, 2014 $3.70
Tennessee June 17, 2015 $2.583 April 26, 2014 $3.52

Average U.S. prices reached a 2015 high of $2.80 per gallon on June 15. If this remains the highest average of the year, it would be the cheapest peak price since 2009. U.S. gas prices have averaged $2.45 per gallon this year, which is the cheapest average for the first six months since 2009. During the first six months of 2014, gas prices averaged $3.52 per gallon.

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Looking Ahead

It can be relatively common for gas prices to increase in July as more Americans take long, summer road trips. For example, gas prices increased by an average of 16 cents per gallon during the month from 2011-2013.
Average U.S. gas prices in July 2014 dropped for 30 out of 31 days for a total of 16 cents per gallon, due to abundant petroleum supplies worldwide. This decline was the start of an eventual $1.65 per gallon drop through January.

“The national average price of gas is likely to remain less than $3 per gallon this year,” Jenkins continued. “Gas prices this month should drop or at least remain relatively flat in the near term as gasoline production increases to take advantage of high profit margins. Oil prices similarly should remain near current levels given that domestic, commercial supplies are about 19 percent higher than a year ago. Nevertheless, factors such as strong summertime demand or other unexpected events could send gas prices higher.”

Fuel demand is likely to be a key factor in whether gas prices drop or increase this summer. July and August are generally the two months with the highest level of U.S. driving, which could affect supplies and prices. If gasoline stocks decline due to strong demand, gas prices would likely rise. Regardless, demand generally drops significantly after Labor Day, which leads to lower gas prices in the fall.

There are a number of unexpected factors that could send summertime gas prices even higher than today, such as increased fighting in the Middle East, unexpected problems at major refineries or strong Atlantic hurricanes that disrupt refinery production.

June Gas Stats

  • Gasoline demand for the first six months of the year is up about three percent compared to the same period in 2014, according to initial estimates by the Energy Information Administration.
    • Summertime demand is even higher with the current four-week average about 4.5 percent higher than a year ago.
  • Gas prices averaged $2.78 per gallon in June, which was the lowest average for the month since 2010.
    • By comparison, the average price of gas in June 2014 was $3.67 per gallon.
  • Gas prices remained relatively steady in June with the national average finishing the month only about three cents per gallon higher than at the beginning of the month.
    • U.S. average gas prices are about 74 cents per gallon higher than the lows in late January.
  • Lower prices have helped Americans save about $65 billion on gas so far this year, compared to the first six months of 2014, which is more than $530 for every U.S. household on average.

State Average Prices

  • The national average price for a gallon of regular unleaded gasoline is $2.77; 1-cent cheaper than a week ago, 89 cents cheaper than this time last year.
  • The Florida state average price for a gallon of regular unleaded gasoline is $2.67; 2 cents cheaper than a week ago, 93 cents cheaper than this time last year.
  • The Georgia state average price for a gallon of regular unleaded gasoline is $2.66; a half cent cheaper than a week ago, 91 cents cheaper than this time last year.
  • The Tennessee state average price for a gallon of regular unleaded gasoline is $2.52; 3 cents cheaper than a week ago, 92 cents cheaper than this time last year.

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago Year Ago
National $2.767 $2.767 $2.775 $2.758 $3.660
Florida $2.672 $2.674 $2.692 $2.712 $3.598
Georgia $2.659 $2.659 $2.663 $2.685 $3.569
Tennessee $2.523 $2.527 $2.545 $2.517 $3.444
Click here to view current gasoline price averages

AAA updates fuel price averages daily at http://www.fuelgaugereport.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 approximately 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 55 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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