TAMPA, Fla. — Plunging oil prices continue to place downward pressure on prices at the pump. In this week's fuel price report, AAA said nationally, gas prices have fallen 7 cents from a week ago, and 14 cents from a month ago. Should oil prices remain at or below their current rate, the national average could dip below $2 per gallon by the end of the year. In the southeastern U.S. the price at the pump has fallen 4 cents in the past week, and more than 20 cents in the past month.
"We may see a little volatility in gas prices as refineries conduct seasonal maintenance," said Josh Carrasco, spokesman, AAA - The Auto Club Group. " After Labor Day we normally see a drop in gasoline demand as we head out of the busy summer driving season. A decline in demand, refineries switching to winter-blend fuels and falling oil prices should cause a continued drop in price of gas. If there are no major supply disruptions, we could see some stations in the southeast selling $2 a gallon gas this fall.”
On Friday, the price of West Texas Intermediate (WTI) oil briefly dipped below $40 a barrel before closing at $40.45 - the lowest daily closing price since March 2009. The price of oil averaged $45.72 the week gas prices hit their 2015 low from January 26-31. During that week, the lowest average gas price was $2.07 in Florida, $1.99 in Georgia, and $1.88 in Tennessee.
State Breakdown
Florida: The current average price of $2.38 is the lowest since February 24; 4 cents lower than a week ago, 22 cents less than a month ago, and 96 cents cheaper than a year ago. Gas prices have fallen 64 of the last 66 days.
Georgia: The current average price of $2.39 is the lowest since April 24; 4 cents lower than a week ago, 20 cents less than a month ago, and 94 cents cheaper than a year ago. Gas prices have fallen 44 of the last 46 days.
Tennessee: The current average price of $2.26 is the lowest since April 21; 4 cents lower than a week ago, 19 cents less than a month ago, and 95 cents cheaper than a year ago. Gas prices have fallen 64 of the last 67 days.
