Gas Prices Declining for Thanksgiving

THANKSGIVING GAS PRICES TO REACH 2-YEAR LOWS IN SOME STATES

State Averages Should Drop Another 5 Cents Before Thanksgiving Day

TAMPA, Fla. (November 19, 2018) — Oil prices hit a new low last week, further fueling the plunge at the pump. The national average ($2.63) dropped 7 cents last week, and a total of 28 cents in the past 41 days. Sunday's national average of $2.63 is the lowest since March, and now only 14 cents more than the lowest price this year ($2.49).

Motorists in some states will find the lowest Thanksgiving gas prices in two years. AAA forecasts nearly 54.3 million Americans will travel 50 miles or more this week for Thanksgiving. Of those, 48.5 million will drive. The national average for gasoline on Thanksgiving Day will be about 5 cents more than last year's holiday ($2.52), but motorists in many states will see a discount.

"Americans can be thankful for strong oil production and supplies, which have set the table for some of the lowest gas prices of the year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "State averages should carve-off another 5 cents before Thanksgiving. Beyond this week, the national average should drop into the $2.30's, before fully adjusting to recent oil and wholesale gas price declines. However, there is potential for oil prices to rise in December, depending on how markets respond to possible OPEC oil production cuts and sanctions against Iranian oil exports."

Weekly Fuel Data - U.S. Energy Information Administration

• Crude oil supplies increased 2.4 percent (8th consecutive weekly gain)
• Crude production reached a historic 11.7 million barrels per day - a 100,000 bpd increase from the week before
• Gasoline demand increased 1-percent
• Gasoline supplies dipped slightly by a little more than a half percent
• Gasoline production remains strong for this time of year

Sub-$2 Gasoline?

Motorists are beginning to find Sub-$2 gasoline at various filling stations in states with low gas taxes like Tennessee, Alabama, and Louisiana. However, there are currently zero states where the average price is anywhere near $1.99 per gallon. Oil prices would have to drop another $10-$15 per barrel, for sub-$2 gasoline to be prevalent. The state with the lowest average price in the country today is Missouri ($2.28/g).

• The national average price for gasoline was last below $2 per gallon in March 2016
  • During that time, oil prices were in the high $30's
• Florida's average price for gasoline was last below $2 per gallon in March 2016
  • During that time, oil prices were in the high $30's
• Georgia's average price for gasoline was last below $2 per gallon in August 2016
  • During that time, oil prices were in the low $40's
• Michigan's average price for gasoline was last below $2 per gallon in April 2016
  • During that time, oil prices were in the high $30's
• Detroit's average price for gasoline was last under $2 per gallon in April 2016
  • During that time, oil prices were in the high $30's
• Tennessee's average price for gasoline was last below $2 per gallon in July 2017
  • During that time, oil prices were in the mid $40's

Early last week, the U.S. benchmark for crude oil dropped to $55.69 per barrel - the lowest since November 2017. By Friday, the daily settlement reached $56.46/b - which is still about $4/b less than last week, and $20/b less than this year's high, set last month.

Regional Gas Prices

Florida

Gas prices in Florida dropped another 7 cents last week. At $2.50 per gallon, Sunday's average price in Florida is the the lowest since January, and only 6 cents more than the lowest price this year ($2.44).

Floridians will find the lowest Thanksgiving gas prices in two years. AAA forecasts nearly 2.8 million Floridians will travel this week for Thanksgiving. Of those, 2.5 million will drive. By that time, the average price for gasoline will be less than last year's holiday, which was $2.47/g.

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

• Most expensive gas price averages: Panama City ($2.83), Crestview-Fort Walton Beach ($2.69), and West Palm Beach-Boca Raton
• Least expensive gas price averages: Tampa-St. Petersburg-Clearwater ($2.33), Orlando ($2.36), and Punta Gorda ($2.38)

Georgia

Gas prices in Georgia dropped another 9 cents last week. At $2.48/g, the average price in Georgia is the lowest since March, and now only 13 cents more than the lowest average price this year ($2.35).

Thanksgiving gas prices in Georgia will remain slightly higher than last year's holiday. AAA forecasts nearly 1.6 million Georgians will travel this week for Thanksgiving. Of those, 1.4 million will drive. By Thanksgiving Day, gas prices should average $2.44/g. While that is 7 cents more than last year's holiday, it's 2 cents less than the 5-year average.

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

• Most expensive gas price averages: Hinesville-Fort Stewart ($2.63), Brunswick ($2.58), and Savannah ($2.53)
• Least expensive gas price averages: Dalton ($2.35), Rome ($2.39), and Warner Robins ($2.40)

Michigan

Gas prices in Michigan dropped another 12 cents last week. At $2.49/g, the state average is the lowest since February, and only 7 cents above this year's lowest daily average price of $2.42/g.

Motorists in Metro Detroit also saw deep discounts last week. The average price of $2.55/g is down 12 cents on the week, and the lowest daily average since March. Detroit gas prices remain about 10 cents more than the lowest average price of the year ($2.44).

Michiganders will find the lowest Thanksgiving gas prices in two years. AAA forecasts more than 1.7 million Michigan residents will travel this week. Of those, nearly 1.6 million will drive. By Thanksgiving Day, the state average should drop to $2.45/g, and $2.50/g in Metro Detroit. Compared to last year's holiday, that would be a discount of 12 cents and 11 cents respectively.

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

• Most expensive gas price averages: Marquette ($2.71), Ann Arbor ($2.59), Traverse City ($2.55)
• Least expensive gas price averages: Grand Rapids-Muskegon-Holland ($2.34), Benton Harbor ($2.38), and Jackson ($2.40)

Tennessee

Gas prices in Tennessee dropped another 8 cents last week. At $2.42 per gallon, the state average is the lowest since March, and only 16 cents higher than this year's lowest daily average price of $2.26/g.

Thanksgiving gas prices in Tennessee will be slightly higher than last year. AAA forecasts more than 1.2 million Tennesseans will travel for Thanksgiving. Of those, 95 percent (nearly 1.2 million) will drive. By Thanksgiving Day, the state average should drop to $2.38/g, which is only 8 cents more than last year's holiday ($2.30).

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

• Most expensive gas price averages: Nashville ($2.50), Johnson City ($2.47), and Jackson ($2.44)
• Least expensive gas price averages: Cleveland ($2.29), Chattanooga ($2.32), and Knoxville ($2.36)

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	2018 Low	2018 High	Record High
National	$2.631	$2.640	$2.703	$2.872	$2.549	$2.49 (1/3/2018)	$2.97 (5/26/2018)	$4.11 (7/17/2008)
Florida	$2.499	$2.510	$2.574	$2.778	$2.502	$2.44 (1/2/2018)	$2.92 (5/25/2018)	$4.08 (7/17/2008)
Georgia	$2.483	$2.493	$2.567	$2.778	$2.398	$2.35 (1/2/2018)	$2.84 (5/27/2018)	$4.16 (9/15/2008)
Michigan	$2.493	$2.506	$2.614	$2.813	$2.650	$2.42 (2/21/2018)	$3.13 (5/25/2018)	$4.26 (5/4/2011)
Detroit	$2.548	$2.559	$2.666	$2.848	$2.686	$2.44 (2/27/2018)	$3.11 (5/25/2018)	$4.24 (5/4/2011)
Tennessee	$2.423	$2.432	$2.496	$2.665	$2.321	$2.26 (1/1/2018)	$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.