The price at the pump sees little movement
TAMPA, Fla. — Prices at the pump rose slightly. The national average for a gallon of regular unleaded gasoline is $2.279, up nearly a penny from last week, down 8 cents from a month ago and an increase of 58 cents over last year.
“Low demand is keeping downward pressure on gasoline prices,” said Josh Carrasco, spokesman, AAA – The Auto Club Group. “OPEC’s cuts are being offset by increases in domestic oil production, high gasoline and oil inventories and a drop in gasoline demand. Gas prices should remain steady in the near-term before taking their seasonal upswing as we head into the spring.”
WTI crude closed at $53.86 on the NYMEX on Friday, up only 3 cents from last week’s close, but $12.89 above one year ago. Increased U.S. production with the potential for more has kept a ceiling on oil prices and are counteracting the impact of efforts by OPEC and non-OPEC countries to cut production and rebalance global oil supply. U.S crude oil production is forecast to average 9.0 million b/d in 2017 and 9.5 million b/d in 2018.
The U.S. Energy Information Administration’s (EIA) latest weekly estimates of U.S. gasoline demand shows that January 2017 figures are down 6 percent from January 2016 and are at their lowest standing for the first month of the year since 2012. The EIA forecasts gas prices to average $2.39 per gallon in 2017 and $2.44 per gallon in 2018. The EIA also expects West Texas Intermediate (WTI) crude oil prices to average about $54 per barrel in 2017.
Regional Gas Prices
Florida gas prices rose for the first time on Saturday, snapping a streak of 36 consecutive days of declines, the longest streak since November. During the streak gas prices fell 14 cents. The average price of a gallon of regular unleaded gasoline is $2.278 which nearly one cent cheaper than one week ago, 12 cents lower than a month ago and 51 cents more expensive than last year. The lowest regional averages in the state are in Orlando ($2.193), Tampa-St. Petersburg-Clearwater ($2.193), and Jacksonville ($2.201).
In Georgia motorists saw very little change in the price at the pump. The average price of a gallon of regular unleaded gasoline is $2.180 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 ($2.105), Macon ($2.108) and Albany ($2.110).
Tennessee gas prices have been trending downwards for 5 consecutive days, falling fractions of a penny during that time. The average price of a gallon of regular unleaded gasoline is $2.053 which is a cent cheaper than one 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 Chattanooga ($1.988), Knoxville ($2.002) and Clarksville-Hopkinsville ($2.031).
AAA updates fuel price averages daily at http://www.GasPrices.AAA.com. Every day up to 120,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline. Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, travel, insurance and financial services offerings to over 9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 57 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety.