Gas Price Brief - April 30, 2018

APRIL GAS PRICES — HIGHEST IN FOUR YEARS

TAMPA, Fla. (April 30, 2018) — Monday is the conclusion to what was the most expensive April for gas prices in four years. Throughout the month, the national average rose a total of 15 cents. The monthly average of $2.72 was 33 cents more than April 2017.

"Although this was the most expensive April gas prices we've seen in years, fuel is still nearly a dollar less than what we paid in April 2014," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The higher prices at the pump are mainly a result of a tightening oil market, which leaves us prone to price hikes based on geopolitical tensions and supply shortage concerns. Crude prices are about 33 percent more expensive than they were this time last year. Expensive oil means expensive gasoline."

Sunday's national average of $2.81 per gallon is 5 cents more than a week ago and the highest daily average in three years (November 2014).

Strong Fuel Exports Prevent Significant Supply Builds; Gasoline Demand Declines

Fuel prices rose even after crude oil and gasoline supplies increased last week. Oil stocks rose 0.1 percent and gasoline climbed 0.4 percent. However, these gains would have been more significant had the U.S. not exported a record amount of fuel. Crude oil exports surged to 2.3 million barrels per day, shattering the previous record of 2.175-million, according to the Energy Information Administration's latest supply data. The main recipients of U.S. fuel exports were Central and South America, and firms in Europe and Asia. Despite U.S. oil production rates at 14 percent better than a year ago, inventory levels are down 10 percent.

Meanwhile, demand slipped last week, contributing to the growth in gasoline stocks. Gasoline demand sank to its lowest level in nearly two months, declining 8 percent from the previous week. Analysts are unsure whether this is a one-week quirk or if high gasoline prices are causing drivers to cutback.

Refinery maintenance season is not over yet, as evidenced by the latest EIA data dump. Crude runs fell by more than 300,000 barrels per day last week, dropping 4 percent below a year ago.

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 averaged $2.74 on Sunday. Click here to view today's average.

Sunday's daily average is the same as last week, yet 10 cents more than a month ago, and 32 cents more than last year.

• The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.86), Crestview-Fort Walton Beach ($2.84), and Pensacola ($2.81)
• The least expensive gas price averages in Florida are in Tampa Bay ($2.67), Orlando ($2.67), and Melbourne-Titusville ($2.68)

Georgia gas prices averaged $2.73 on Sunday. Click here to view today's average.

Sunday's daily average is 7 cents more than last week, 16 cents more than a month ago, and 47 cents more than last year.

• The most expensive gas price averages in Georgia are in Atlanta ($2.76), Brunswick ($2.75), and Athens ($2.75)
• The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.63), Warner Robins ($2.64), and Columbus ($2.64)

Tennessee gas prices averaged $2.64 on Sunday. Click here to view today's average.

Sunday's daily average is 5 cents more than last week, 18 cents more than last month, and 51 cents more than last year.

• The most expensive gas price averages in Tennessee are in Kingsport-Bristol ($2.64), Nashville ($2.62), Johnson City ($2.61)
• The least expensive gas price averages in Tennessee are in Chattanooga ($2.52), Memphis ($2.55), Knoxville ($2.56)

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago	Highest Price on Record
National	$2.808	$2.804	$2.761	$2.646	$2.387	$4.114 (7/17/2008)
Florida	$2.737	$2.739	$2.739	$2.639	$2.419	$4.079 (7/17/2008)
Georgia	$2.728	$2.727	$2.657	$2.565	$2.259	$4.164 (9/15/2008)
Tennessee	$2.589	$2.589	$2.553	$2.453	$2.153	$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.