TAMPA, Fla. — The national average price for gasoline dipped 4 cents last week, and prices in the southeast fell even further, according to the weekly fuel price report from AAA. Pump prices in Florida, Georgia and Tennessee are down 5 cents compared to last week, after falling for 18 consecutive days.
"Motorists are finally getting some consistent relief at the pump thanks to declining oil prices," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "By this fall, prices could creep closer to levels seen at the beginning of this year, possibly even below $2 a gallon in some markets, as long as oil remains low."
Compared to peak prices in mid-June, current state averages are down 14 cents in Florida, and 16 cents in both Georgia and Tennessee. The peak price in Florida this year was $2.72 on June 18. In Georgia, the peak price was $2.72 on June 15; and in Tennessee, the peak price was $2.58 on June 17.
West Texas Intermediate crude oil closed below $50 per barrel, for two consecutive days this past week, for the first time since April, due to a surplus in crude inventories and speculation that the market will remain oversaturated in the near term. According to the U.S. Energy Information Administration, domestic crude inventories grew by 2.5 million barrels despite early projections that inventories would fall in light of increased demand for gasoline during the summer driving season. A strong U.S. dollar and the oil supply glut are expected to keep downward pressure on the global price of crude oil.
At the close of Friday’s formal trading on the NYMEX, WTI settled at $48.14 per barrel. The weekly average price for oil was $49.26 - the lowest average since the week ending on April 2. During that time, gas prices averaged $2.51 in Florida, $2.21 in Georgia, and $2.14 in Tennessee. When gas prices were at their lowest levels of the 2015, the price of oil averaged $45.72 a barrel for the week ending January 30. The lowest gas prices of 2015 were logged that week at $2.07 in Florida, $1.99 in Georgia, and $1.88 in Tennessee.
State Average Prices
- Florida - the current average price ($2.58) is 5 cents cheaper than last week, 12 cents cheaper than a month ago, and 88 cents cheaper than this time last year.
- Georgia - the current average price ($2.56) is 5 cents cheaper than last week, 12 cents cheaper than a month ago, and 88 cents cheaper than this time last year.
- Tennessee - the current average price ($2.42) is 5 cents cheaper than last week, 14 cents cheaper than a month ago, 89 cents cheaper than this time last year.
