Gas Price Brief - October 15, 2018

AAA FORECASTS LOWER GAS PRICES THIS WEEK

TAMPA, Fla. (October 15, 2018) — Gas prices declined over the weekend and that trend should continue this week. Prices at the pump are moving lower in Florida, Georgia, Michigan, and Tennessee; thanks to significant declines in oil and gasoline futures prices on the stock market.

"Fuel prices plunged on the stock market last week, which should clear the way for a significant discount at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Motorists should see a 5-10 cent drop or more in the next 10 days. This is the type of downward movement we normally see at the pump during the fall. However, upward pressure could easily return later this month, as the market braces for U.S. sanctions against Iranian crude, and what that might mean for global supply and demand."

Fuel Picture

• Last week on the stock market (NYMEX)
  • U.S. crude oil prices dropped $3 per barrel
  • U.S. gasoline prices declined 14 cents
• Supply and Demand (Weekly Energy Information Administration Report)
  • U.S. Crude Oil
    • Production reached a new record high. At 11.2 million barrels per day, total crude output is nearly 18 percent higher than this time last year.
    • Supply levels increased for the third consecutive week - registering nearly 1.5 percent higher than the week before. Although U.S. oil stocks are higher than last month, they remain 11 percent below last year's levels.
  • U.S. Motor Gasoline
    • Supplies rose by nearly a half percent, and are nearly 7 percent stronger than this time last year.
    • Production rates dipped by nearly 2.5 percent, yet remain on pace with this time last year.
    • Gasoline demand, according to EIA measurements, is 2.7 percent stronger than this time last year.

Regional Gas Prices

Gas prices in Florida declined 1-cent over the weekend. Sunday's state average of $2.80 per gallon is 2 cents less than a week ago. However, Florida motorists are still paying 5 cents per gallon more than last month, and 32 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 ($2.91), Miami ($2.86), and Crestview-Fort Walton Beach ($2.86)
• The least expensive gas price averages in Florida are in Melbourne-Titusville ($2.74), Tampa-St. Petersburg-Clearwater ($2.74), and Orlando ($2.74)

"Gasoline tanker trucks continue rolling into the Florida Panhandle to resupply gas stations affected by Hurricane Michael," Jenkins continued. "While some retailers are still dealing with power outages, others are simply waiting on the next shipment of gasoline, after being tapped out by residents either returning home or filling gas cans to power generators. While there continues to be plenty of gasoline to supply the panhandle, the biggest hurdles continue to be power outages and road closures."

Gas prices in Georgia declined 1-cent over the weekend. The Georgia state average of $2.80 per gallon is 2 cents more than a week ago, 7 cents more than last month, and 35 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 ($2.84), Athens ($2.84), and Gainesville ($2.82)
• The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.68), Columbus ($2.70), and Warner Robins ($2.70)

Gas prices in Michigan declined 4 cents over the weekend. Michigan's state average of $2.88 per gallon is 12 cents less than last week, 4 cents less than a month ago, and 35 cents less than this time last year.

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

• The most expensive gas price averages in Michigan are in Marquette ($3.04), Ann Arbor ($2.92), and Traverse City ($2.91)
• The least expensive gas price averages in Michigan are in Lansing-East Lansing ($2.80), Grand Rapids-Muskegon-Holland ($2.82), and Saginaw-Bay City-Midland ($2.82)

Gas prices in Tennessee slipped 1-cent lower during the weekend. Due to a slight increase last week, the Tennessee state average of $2.68 per gallon is only a half cent less than a week ago. However, Tennessee motorists are still paying 9 cents per gallon more than last month and 36 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 Nashville ($2.72), Jackson ($2.71), and Kingsport-Bristol ($2.69)
• The least expensive gas price averages in Tennessee are in Chattanooga ($2.61), Clarksville ($2.64), and Cleveland ($2.64)

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

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago	Highest Price on Record
National	$2.896	$2.900	$2.914	$2.852	$2.477	$4.11 (7/17/2008)
Florida	$2.800	$2.805	$2.819	$2.746	$2.477	$4.08 (7/17/2008)
Georgia	$2.796	$2.801	$2.776	$2.726	$2.449	$4.16 (9/15/2008)
Michigan	$2.882	$2.898	$2.998	$2.922	$2.531	$4.26 (5/4/2011)
Tennessee	$2.679	$2.684	$2.685	$2.588	$2.320	$4.12 (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 9.6 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 59 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. Visit AAA on the Internet at AAA.com.