Nationally, motorists are paying $2.11 per gallon, up 7 cents from last week, and the highest price at the pump since November 2015, according to the weekly fuel price brief from AAA. The national average has remained above $2 a gallon for 25 consecutive days and could rise another 10-15 cents by Memorial Day.
"Many drivers saw gas prices jump up this week," said Josh Carrasco, spokesman, AAA - The Auto Club Group. "Oil averaged $4 higher than last week, which put upward pressure on gasoline prices. Even though prices are up nearly 15 cents from a month ago, motorists are still enjoying a 30 cent savings year over year."
Crude oil hit its highest price of the year on Tuesday, closing at $42.17 a barrel, but finished the week at $40.36, up nearly $1 from last week. WTI oil averaged $41.23, the highest weekly average since November 2015. Oil prices are projected to fall Monday as several major oil producing nations failed to come to an agreement on a production freeze today. Saudi Arabia has said it will only freeze its output if Iran and other producers agree. Iranian oil is returning to the market after years of sanctions, and the OPEC member country has yet to agree to any production freezes and instead reiterates its desire to regain market share.
Regional Gasoline Prices
- The Florida average price for a gallon of gas is $2.06, up 1 cent from a week ago, but 42 cents cheaper compared to this time last year. Gas prices in Florida have been above $2 a gallon for 32 consecutive days, which is the longest streak since December 2015.
- The Georgia average price for a gallon of regular unleaded gas moved 9 cents higher compared to last week to $2.09, yet is 22 cents cheaper than a year ago. Georgia's average has been above $2 a gallon for 20 consecutive days, the longest streak since November 2015.
- The Tennessee average price for a gallon of regular unleaded gasoline is $1.93, 7 cents higher than a week ago and 28 cents cheaper than a year ago. Gas prices in Tennessee are at their highest levels since November.
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