Gas Price Brief - October 22, 2018
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NEWS RELEASE |
Florida Georgia Michigan Tennessee |
U.S. AVERAGE PRICE (Per Gallon) |
AAA: GAS PRICES SLIP LOWER AS CRUDE STOCKS SWELL
TAMPA, Fla. (October 22, 2018) — Gas prices are less than a week ago, in 44 out of 50 states - including Florida, Georgia, Michigan, and Tennessee. The national average price for a gallon of gasoline was $2.85 per gallon. Sunday's national average was 5 cents less than a week ago. However, Americans are still paying an average of 39 cents more than this time last year. The national average has steadily declined for the past 11 consecutive days for a total of 6 cents.
"Motorists are getting a welcome reprieve from high prices at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gas prices have been pushed lower by oil prices, which significantly declined during the past two weeks. The market is responding to strong gains in domestic oil supplies, easing global supply concerns. Motorists can expect additional declines at the pump if oil prices drop again this week."
The crude market saw mostly losses last week following EIA's weekly petroleum report, which showed domestic crude inventories grew by 6.5 million barrels. Total crude inventories now sit at 416.4 million bbl, marking the fourth week of consecutive growth and highest level since late June. The larger-than-expected growth in crude levels jolted the market, which had seen prices steadily rising due to concerns about U.S.-Saudi Arabia relations and upcoming U.S.-imposed sanctions on Iran's crude exports.
- U.S. crude prices dropped $5 during the past two weeks, a decline that usually triggers a 12.5 cent decline at the pump.
- WTI crude settled at $69.12/b Friday on the NYMEX
- Gasoline futures prices dropped 17 cents during the past two weeks on the NYMEX
- Wholesale gasoline declined nearly 20 cents during the past two weeks
Regional Gas Prices
Gas prices in Florida have steadily declined for the past 12 days - falling 6 cents during that time. Sunday's state average of $2.76 per gallon is 4 cents less than a week ago. However, Florida motorists are still paying 3 cents per gallon more than last month, and 33 cents more than this time last year.
On average, Florida motorists spend $41 for a full tank of gasoline - $4.50 more than this time last year.
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Panama City ($2.92), West Palm Beach - Boca Raton ($2.87), and Crestview-Fort Walton Beach ($2.86)
- Least expensive gas price averages: Melbourne-Titusville ($2.68), Orlando ($2.68), and Tampa-St. Petersburg-Clearwater ($2.68)
Gas prices in Georgia have steadily declined for the past 9 days - for a total of 5 cents. Sunday's state average of $2.76 per gallon is 4 cents less than a week ago. However, Georgia motorists are paying 4 cents more per gallon than last month, and 36 cents more than this time last year.
On average, Georgia motorists spend $41 for a full tank of gasoline - $5 more than this time last year.
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Atlanta ($2.80), Athens ($2.79), and Hinesville-Fort Stewart ($2.77)
- Least expensive gas price averages: Augusta-Aiken ($2.65), Catoosa-Dade-Walker ($2.67), and Warner Robins ($2.67)
Gas prices in Michigan have steadily declined for the past 17 days - dropping 26 cents during that time. Sunday's state average of $2.78 per gallon is 10 cents less than a week ago, 11 cents less than a month ago, and 19 cents less than this time last year.
On average, Michigan motorists spend $42 for a full tank of gasoline - $3 more than this time last year.
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Marquette ($2.93), Ann Arbor ($2.85), and Traverse City ($2.82)
- Least expensive gas price averages: Jackson ($2.62), Grand Rapids-Muskegon-Holland ($2.67), and Lansing-East Lansing ($2.68)
Gas prices in Tennessee have declined for the past 10 consecutive days - for a total discount of 4 cents during that time. Sunday's state average of $2.65 is 3 cents less than a week ago. However, Tennessee gas prices remain 7 cents more than a month ago, and 37 cents more than this time last year.
On average, Tennessee motorists spend $40 for a full tank of gasoline - $6 more than this time last year.
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Nashville ($2.69), Jackson ($2.68), and Kingsport-Bristol ($2.66)
- Least expensive gas price averages: Chattanooga ($2.57), Cleveland ($2.57), and Knoxville ($2.62)
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
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Sunday | Saturday | Week Ago | Month Ago | One Year Ago | 2018 High | Record High |
| National | $2.854 | $2.859 | $2.896 | $2.852 | $2.459 | $2.97 (5/26/2018) | $4.11 (7/17/2008) |
| Florida | $2.759 | $2.765 | $2.800 | $2.725 | $2.428 | $2.92 (5/25/2018) | $4.08 (7/17/2008) |
| Georgia | $2.759 | $2.763 | $2.796 | $2.715 | $2.401 | $2.84 (5/27/2018) | $4.16 (9/15/2008) |
| Michigan | $2.776 | $2.785 | $2.882 | $2.893 | $2.591 | $3.11 (5/25/2018) | $4.26 (5/4/2011) |
| Tennessee | $2.649 | $2.653 | $2.679 | $2.584 | $2.278 | $2.73 (5/27/2018) | $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.