Gas Price Brief - July 16, 2018

REFINERY ISSUES PUSH GAS PRICES HIGHER

TAMPA, Fla. (July 16, 2018) — Gas prices are trending lower after an abrupt jump at the pump last week. Although Georgia and Tennessee prices rose slightly, Florida gas prices quickly jumped Wednesday and Thursday, after reports surfaced of seven gulf coast refineries dealing with various operational issues.

Some of the issues have already been resolved, while others could take weeks. For instance, the Motiva refinery - the largest in the country - suffered a mechanical outage to one of their catcrackers. This is the most important component for converting oil to other fuels. The outage will likely cause reduced output from the plant, and may not be resolved until August.

"Fortunately, fuel prices plunged on the stock market last week, which created adverse pressure to the rising prices caused by refinery issues," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "This sort of volatility at the pump is common during the summer driving season. The three most common reasons for increases during the summer are refinery outages, geopolitical tension, and hurricanes."

On Wednesday, oil prices plummeted nearly $4 and gasoline futures fell 10 cents. Some of those losses were recovered by Friday with gasoline finishing even with the week before, yet oil remains $2.79 lower. The price for a barrel of WTI settled at $71.01 on the NYMEX; $3.14 less than this year's high, set two weeks before. The slump in futures prices were the result of growing concerns of an international trade war, added strength in the U.S. dollar, lower gasoline demand numbers, and news that Libya would resume oil exports.

Regional Gas Prices

Gas prices in Florida are 8 cents higher than a week ago. The state average of $2.80 is 12 cents less than this year's high, yet remains 66 cents more than this time last year.

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 ($2.89), Miami ($2.84), and Crestview-Fort Walton Beach ($2.84)
• The least expensive gas price averages in Florida are in Punta Gorda ($2.75), Tallahassee ($2.76), and Orlando ($2.77)

Gas prices in Georgia are 1-cent higher than a week ago. The state average of $2.73 is 11 cents less than this year's high, yet remains 58 cents more than this time last year.

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

• The most expensive gas price averages in Georgia are in Atlanta ($2.78), Athens ($2.74), and Savannah ($2.72)
• The least expensive gas price averages in Georgia are in Warner Robins ($2.59), Columbus ($2.61), and Catoosa-Dade-Walker ($2.62)

Gas prices in Tennessee are 2 cents higher than a week ago. The state average of $2.63 is 10 cents less than this year's high, yet remains 61 cents more than this time last year.

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), Memphis ($2.66), and Nashville ($2.65)
• The least expensive gas price averages in Tennessee are in Cleveland ($2.56), Chattanooga ($2.56), and Clarksville-Hopkinsville ($2.57)

Gas Price Tools

• GasPrices.AAA.com - Daily national, state, and metro gas price averages
• AAA Mobile app - Free app that compares gas prices near you
• Gas Cost Calculator - Determine how much gasoline will cost on your next road trip

Fuel Savings Tips

Drive Sensibly – Aggressive driving (speeding, rapid acceleration and braking) wastes gas.

• Gas mileage can be reduced 15-30% at highway speeds / 10-40% in stop-and-go traffic
• The equivalent of 27¢ - $1.08 per gallon

Observe the speed limit

• Not only is it safer – but it can help you save money
• Gas mileage rapidly declines at speeds above 50 mph
• Every 5 mph you drive over 50 mph is like paying an additional 19 cents per gallon for gasoline

Lose the weight

• Using your trunk for storage can cost you by way of lower fuel economy
• Remove unnecessary items from your vehicle.
• An extra 100 pounds in your vehicle reduces your miles per gallon by about 1%
• Like paying an additional 3 cents per gallon for every 100 pounds

Use cruise control

• Cruise control on the highway helps you maintain a constant speed
• Conversely, constant throttling at high speeds consumes gasoline much faster

Avoid excess idling

• Idling uses a quarter to a half gallon of fuel per hour
• Turn off your engine when your vehicle is parked
• It only takes 10 seconds worth of fuel to restart your vehicle

Combine trips

• Saves time and money
• Fuel economy is better when your engine is warmed up and you make multiple stops

Inflate tires

• Keeping your tires inflated to the proper pressure can improve your gas mileage up to 3%
• It can mean the difference of a couple cents per gallon
• Find the recommended tire pressure on a sticker located on the driver's side door jamb

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago	Highest Price on Record
National	$2.879	$2.882	$2.865	$2.904	$2.254	$4.114 (7/17/2008)
Florida	$2.801	$2.808	$2.719	$2.768	$2.135	$4.079 (7/17/2008)
Georgia	$2.727	$2.729	$2.721	$2.760	$2.146	$4.164 (9/15/2008)
Tennessee	$2.629	$2.630	$2.610	$2.652	$2.024	$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.