Increased U.S. crude oil production and lower gasoline demand has kept downward pressure on the national average price at the pump, which has fallen for 20 consecutive days. Today’s national average price for regular unleaded gasoline is $2.22 per gallon, down eight cents versus last week, a decline of 7 cents compared to one month ago and 41 cents more per gallon year-over-year.
In Florida, the average price for a gallon of regular unleaded has declined for 24 consecutive days, 19 days straight in Georgia and 10 days in Tennessee. During these streaks, average prices have dropped 10 cents in Florida, 8 cents in Georgia and 5 cents in Tennessee.
"Falling gas prices are normal for this time of year," said Josh Carrasco, spokesman, AAA - The Auto Club Group. "Low seasonal demand combined with increases in domestic production has pushed fuel prices lower. We should continue to see gas prices trend downwards to wrap up the month, but should expect an uptick in prices at the pump in February, due to refinery maintenance season."
In November, a combination of OPEC and non-OPEC countries struck an agreement to cut production collectively by 1.8 million barrels per day for the first six months of 2017. U.S. oil production is somewhat offsetting OPEC’s cuts. Oil-services firm Baker Hughes reported that drillers added 15 rigs in the U.S. bringing the total crude oil rig count to 556, the highest since November 2015. EIA reports showed U.S. crude oil output edged up by 17,000 barrels a day to 8.961 million barrels a day last week. At the closing of Friday’s formal trading session on the NYMEX, WTI was down 61 cents to settle at $53.17 per barrel.
Regional Gas Prices
Florida gas prices have declined for 24 consecutive days, falling 10 cents during that time. The average price of a gallon of regular unleaded gasoline is $2.311 which is 4 cents cheaper than one week ago, 5 cents lower than a month ago and 47 cents more expensive than last year. The lowest regional averages in the state are in Orlando ($2.228), Tampa-St. Petersburg-Clearwater ($2.235) and Jacksonville ($2.256).
In Georgia, gas prices have declined for 19 days straight, dropping 8 cents over that period. The average price of a gallon of regular unleaded gasoline is $2.179 which is 3 cents cheaper than one week ago, 2 cents lower than a month ago and 44 cents more expensive than last year. The lowest regional averages in the state are in Albany ($2.111), Augusta ($2.117) and Macon ($2.124).
Tennessee gas prices have been trending downwards for 10 consecutive days, falling 5 cents during that time. The average price of a gallon of regular unleaded gasoline is $2.078 which is 3 cents cheaper than one week ago, 2 cents lower than a month ago and 46 cents more expensive than last year. The lowest regional averages in the state are in Chattanooga ($2.014), Knoxville ($2.023) and Johnson City-Kingsport-Bristol ($2.062).
