Gas prices are holding steady after inching up last week. The national average price for a gallon of regular unleaded is $2.31 – nearly 3 cents more than a week ago. Compared to last year, motorists are paying 50 cents more for a gallon of gasoline and $7 more for a full tank of gas.
“Last week’s price hike is pretty normal for this time of year, and there will likely be more of that to come in the next few months,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “We normally see prices rise 35-75 cents between March and Memorial Day, due to maintenance season and shifts in supply and demand. However, pump prices will likely remain on the low end of that range this year, unless there is a major upswing in oil prices.”
The crude oil market remains flat with prices per barrel under $54. Despite continued production cuts from OPEC, United States oil production and rig count continues to climb, putting downward pressure on oil prices. According to oil services company Baker Hughes, U.S. drillers added seven oil rigs this week, bringing the total rig count up to 609, the most since October 2015. Traders will continue to watch how the market reacts to increased U.S. oil production.
Friday’s closing price for WTI on the NYMEX was $53.33. The weekly average price of $53.57 was nearly 50 cents less than the week before.
- Crude oil inventories are 6.9 percent higher than this time last year.
- Gasoline supplies declined last week, which would normally signal an increase at the pump, but current levels remain about a half percent higher than last year.
- Gasoline demand rose last week, but is 6 percent lower than a year ago.
- Fewer refineries conducted maintenance last week, as refinery capacity rose 4 percent. When refinery utilization rates are low, that signals a lower capacity for producing gasoline.
Florida gas prices averaged $2.29 on Sunday – 1-cent more than a week ago and 45 cents more than last year.
- The most expensive metro markets in the state are West Palm Beach/Boca Raton ($2.51), Fort Lauderdale ($2.45), and Miami ($2.44).
- The least expensive metro markets in the state are Tampa ($2.17), Orlando ($2.18), and Jacksonville ($2.19).
Georgia gas prices averaged $2.21 on Sunday – fractions of a cent more than a week ago and 48 cents more than last year.
- The most expensive metro markets in the state are Atlanta ($2.24), Savannah ($2.22), and Athens ($2.19).
- The least expensive metro markets in the state are Augusta/Aiken ($2.12), Macon ($2.13), and Albany ($2.13).
Tennessee gas prices averaged $2.07 on Sunday – fractions of a cent more than a week ago and 47 cents more than last year.
- The most expensive metro markets in the state are Memphis ($2.10), Nashville ($2.10), and Johnson City/Kingsport/Bristol ($2.06).
- The least expensive metro markets in the state are Clarksville/Hopkinsville ($2.02), Chattanooga ($2.03), and Knoxville ($2.05).
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
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|Click here to view current gasoline price averages|
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.