Plunging Gas Prices Set New 2018-Lows
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NEWS RELEASE |
Florida Georgia Michigan Tennessee |
U.S. AVERAGE PRICE (Per Gallon) |
AAA: SINKING U.S. GAS PRICES REACH 2018 LOW
Americans are Saving $5-$10 at the Pump
TAMPA, Fla. (December 3, 2018) — The average American is now finding the lowest gas prices of the year. The national average price for gasoline was $2.47 per gallon on Sunday. That's 9 cents less than last week, and 2 cents less than the previous 2018-low which was set back in January.
"Compared to when pump prices peaked in May, Americans are now saving an average of $5-$10 every time they go to the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Plunging oil prices have made gasoline far less expensive to produce. Oil prices sank to 14-month lows, because there's so much oil in the global market and not enough demand to absorb it. OPEC and Russia hope to change that. They meet on Thursday to discuss a production cut, in hopes of boosting oil prices. A significant cut could have an immediate impact on gas prices, but to what extent will depend on how the oil market responds."
Oil and Gasoline Dynamics
- Domestic crude oil production remains at a record-high 11.7 million barrels per day; 21 percent more than last year
- Domestic oil supply increased for the 10th consecutive week
- Supply levels are the highest since this time last year
- Gasoline production remains strong
- Gasoline supplies are nearly 5 percent stronger than a year ago
- Gasoline demand is steady
- Exports of crude and refined fuels reached a new all-time high last week of 8.7 million barrels per day
Florida Gas Prices Average Lowest in 16 Months; Most Expensive November in Four Years
Gas prices in Florida averaged $2.34 per gallon on Sunday - the lowest daily price since August 2017 ($2.32). The Florida average has now declined 54 consecutive days for a total of 48 cents. During the past week, the state average dropped nearly 10 cents.
The state average is 58 cents less than this year's highest price of $2.92/g in May. Drivers are now paying 10 cents less than this time last year.
Florida gas prices for the month of November averaged 25 cents less than in October. Despite falling gas prices, this was the most expensive November at the pump in four years. The monthly average price of $2.52/g was 5 cents more than November 2017, and 37 cents more than November 2016.
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Panama City ($2.73), Miami ($2.56), Crestview-Fort Walton Beach ($2.52)
- Least expensive gas price averages: Tampa-St. Petersburg-Clearwater ($2.17), Orlando ($2.18), and Punta Gorda ($2.19)
Georgia Gas Prices are Now Lowest of 2018; Most Expensive November in Four Years
The average price for gasoline in Georgia is now the lowest of the year. Sunday's state average of $2.29 per gallon is 6 cents less than the previous 2018-low of $2.35/g, set in January. Check today's average prices
The state average has declined the past 51 consecutive days for a total of 52 cents. During the past week, prices dropped an average of 10 cents. Georgia drivers now pay 6 cents less than this time last year.
Georgia gas prices for the month of November averaged 25 cents per gallon less than in October. Despite falling gas prices, this was the most expensive November at the pump in four years. The monthly average price of $2.50/g was 12 cents more than November 2017, and 34 cents more than November 2016.
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Hinesville-Fort Stewart ($2.52), Brunswick ($2.41), and Savannah ($2.38)
- Least expensive gas price averages: Dalton ($2.16), Rome ($2.17), and Warner Robins ($2.19)
Michigan Gas Prices are Lowest in 17 Months; Least Expensive November in Two Years
After setting a new 2018-low more than a week ago, the average gas price in Michigan dropped another 12 cents last week. Drivers are now finding some of the lowest prices at the pump since July 2017.
Gas prices for the month of November averaged 34 cents per gallon less than in October. Strong downdrafts in pump prices made this the least expensive November in two years. Michigan's monthly average of $2.53/g was 12 cents less than November 2017. In November 2016, gas prices averaged $2.11 per gallon.
Metro Detroit also had the cheapest November at the pump in two years. At $2.59 per gallon, the average price in November was 29 cents less than October, and 10 cents less than November 2017.
Gas prices in Metro Detroit averaged $2.36 per gallon on Sunday. Check daily prices here. Drivers in Detroit are now paying 12 cents per gallon less than a week ago and 14 cents less than this time last year. The average gas price in metro Detroit has declined the past 38 consecutive days for a total of 48 cents. Drivers now pay 75 cents per gallon less than they did 7 months ago, when pump prices peaked at $3.11/g.
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Marquette ($2.47), Ann Arbor ($2.37), Metro Detroit ($2.36)
- Least expensive gas price averages: Grand Rapids-Muskegon-Holland ($2.13), Jackson ($2.13), and Benton Harbor ($2.15)
Tennessee Gas Prices Are Now Lowest of 2018; Most Expensive November in Four Years
Gas prices in Tennessee now average the lowest of 2018. Sunday's state average of $2.24 is 10 cents less than a week ago, and the lowest daily average price since December.
Tennessee gas prices have declined the past seven weeks. The state average has slipped 52 consecutive days, for a total of 45 cents.
On average, gas prices in November were 21 cents less than October. The monthly average of $2.44/g was the lowest monthly average since March ($2.35). The state average declined a total of 31 cents last month. Despite the decline, the monthly average was 14 cents more than November 2017, and the most expensive November in four years.
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Nashville ($2.35), Johnson City ($2.33), and Morristown ($2.28)
- Least expensive gas price averages: Cleveland ($2.04), Chattanooga ($2.09), and Knoxville ($2.19)
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 | $2.467 | $2.477 | $2.561 | $2.774 | $2.480 | $2.97 (5/26/2018) | $4.11 (7/17/2008) |
| Florida | $2.339 | $2.348 | $2.425 | $2.648 | $2.441 | $2.92 (5/25/2018) | $4.08 (7/17/2008) |
| Georgia | $2.288 | $2.297 | $2.393 | $2.648 | $2.346 | $2.84 (5/27/2018) | $4.16 (9/15/2008) |
| Michigan | $2.281 | $2.294 | $2.398 | $2.725 | $2.446 | $3.13 (5/25/2018) | $4.26 (5/4/2011) |
| Detroit | $2.360 | $2.373 | $2.478 | $2.755 | $2.500 | $3.11 (5/25/2018) | $4.24 (5/4/2011) |
| Tennessee | $2.241 | $2.255 | $2.342 | $2.560 | $2.285 | $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.