Motorists saw little movement in pump prices this week. But gasoline could soon be on the rise as spring approaches due to refinery maintenance, an increase in driving and the switch to summer-blend fuels. Currently, the national average for a gallon of regular unleaded gasoline is $2.283, up four-tenths of a cent from last week, down 5 cents from a month ago and 56 cents higher year-over-year.
"Crude oil continues to drive the market," said Josh Carrasco, spokesman, AAA - The Auto Club Group. "Domestic oil production and a glut in oil and gas supplies are keeping a lid on prices at the pump. The best time to fill up your tank is now because, historically, gas prices begin to climb until we reach Memorial Day."
Gas prices generally peak around Memorial Day. In fact, in six of the past 17 years, the seasonal peak has taken place between May 9th and May 24th. Historically, between February and the peak price, the average annual increase is about 54 cents per gallon. Several factors contribute to this annual increase including, refinery maintenance, the switch to summer-blend fuels which are more expensive to produce and an increase in demand as more people begin traveling in the spring and summertime.
EIA reports showed U.S. oil production held steady at 8.97 million barrels a day, continuing to offset OPEC's efforts to increase oil prices. OPEC’s Monthly Oil Market Report stated that participating countries successfully implemented 90 percent of the agreed production cuts they pledged in last year’s historic deal. It also showed that some producers, like Saudi Arabia, cut more than was originally required. In November of last year, OPEC and non-OPEC countries agreed to cut the amount of oil they were producing collectively by 1.8 million barrels per day for six months, starting on January 1. Traders will continue to watch for cartel production compliance and any fluctuations in U.S. production. On Friday, WTI oil closed at $53.40 a barrel on the NYMEX, down 46 cents from last week's final settlement.
Regional Gas Prices
In Florida, average price of a gallon of regular unleaded gasoline is $2.283, up less than one cent from a week ago, 9 cents lower than a month ago and 53 cents more expensive than last year. The lowest regional averages in the state are in Tampa-St. Petersburg-Clearwater ($2.183), Orlando ($2.193) and Jacksonville ($2.202).
In Georgia, motorists saw very little change in the price at the pump. The average price of a gallon of regular unleaded gasoline is $2.182 which is the same as one week ago, 7 cents lower than a month ago and 52 cents more expensive than last year. The lowest regional averages in the state are in Augusta ($2.116), Macon ($2.118) and Albany ($2.159).
Tennessee gas prices rose slightly this week. The average price of a gallon of regular unleaded gasoline is $2.063 which is a cent higher than one week ago, 7 cents lower than a month ago and 55 cents more expensive than last year. The lowest regional averages in the state are in Clarksville-Hopkinsville ($2.020), Chattanooga ($2.032) and Johnson City-Kingsport-Bristol ($2.058).
