26 November 2018

NEWS RELEASE

     


MEDIA CONTACTS:

Florida
Mark Jenkins, spokesman, AAA - The Auto Club Group,
office: (813) 288-7906, cell: (850) 532-0730, MAJenkins@AAASouth.com

Georgia
Garrett Townsend, GA Public Affairs Director, AAA - The Auto Club Group,
cell: (404) 932-1965, GTownsend@AutoClubGroup.AAA.com

Michigan
Nancy Cain, spokesperson, AAA - The Auto Club Group
office: (313) 336-1514, cell: (313) 268-4038, NCain@AAAMichigan.com

Tennessee
Stephanie Milani, TN Public Affairs Director, AAA - The Auto Club Group,
office: (865) 862-9252, cell: (865) 556-2927, SMilani@AAASouth.com

U.S. AVERAGE PRICE

(Per Gallon)
$2.56 (-7¢) 

AAA: GAS PRICES CHALLENGE 2018 LOWS

TAMPA, Fla. (November 26, 2018)  Gas prices are falling to their lowest levels of the year in many markets, and motorists should see additional discounts this week. Just as retailers cut prices on Black Friday, the price of crude also dropped by more than 10 percent - for concerns that strong global oil production will overpower demand. 

FLORIDA’S LOWEST GAS PRICES OF THE YEAR
Region 2018 Low Sunday Average
Florida $2.43 (Sunday) $2.43
Daytona Beach $2.43 (1/8/18) $2.43
Fort Lauderdale $2.48 (1/7/18) $2.52
Fort Myers* $2.36 (Sunday) $2.36
Gainesville $2.43 (1/1/18) $2.52
Jacksonville* $2.30 (Sunday) $2.30
Lakeland* $2.32 (Sunday) $2.32
Melbourne* $2.36 (Sunday) $2.36
Miami $2.51 (1/5/18) $2.62
Naples $2.46 (1/2/18) $2.55
Ocala* $2.37 (Sunday) $2.37
Orlando* $2.27 (Sunday) $2.27
Panama City $2.45 (1/1/18) $2.79
Pensacola $2.42 (1/3/18) $2.54
Port St. Lucie $2.45 (1/1/18) $2.48
Punta Gorda* $2.29 (Sunday) $2.29
Sebring $2.43 (1/1/18) $2.50
Tallahassee $2.43 (1/1/18) $2.51
Tampa Bay $2.25 (Sunday) $2.25
Vero Beach $2.44 (1/5/18) $2.49
The Villages* $2.30 (Sunday) $2.30
West Palm Beach $2.56 (1/1/18) $2.59

Sunday’s national average price of $2.56 per gallon is 7 cents less than last week, nearly 30 cents less than last month, and the lowest daily average since March. Sunday’s U.S. average price was 7 cents more than this year’s low, of $2.49 set in January. However, the national average should drop below that point within the next week. 

"Last week’s plunge oil price plunge adds even more weight to what was already strong downward pressure on prices at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Motorists should see local gas prices drop another 5-15 cents as a result. Florida and Michigan state averages are now the lowest of the year, while Georgia and Tennessee averages should reach that point either this week or next. These falling prices are mostly due to record crude production rates from the U.S., Russia and Saudi Arabia. Unless the oil market quickly recovers, these low gas prices should hang around through the end of the year."

Fuel Fundamentals

  • Crude oil prices plunged another $6 per barrel last week - the equivalent of about 15 cents at the pump
  • Friday’s daily settlement of $50.42/b is the lowest since October 2017
  • Domestic crude production holds steady at 11.7 million barrels per day (record high)
    • The U.S., Russia, and Saudi Arabia are all producing crude at record levels
  • Crude oil supplies increased again, by 1.1 percent (9th consecutive weekly gain)
  • Gasoline dropped another 19 cents on the futures market 
  • Wholesale gasoline dropped another 5 cents last week
  • Gasoline demand is also relatively steady
  • Gasoline production was slightly lower than the week before
  • Gasoline supply remains strong for the fall, 10 percent better than this time last year

Regional Gas Prices 

Gas prices in Florida are now averaging the lowest of 2018. The Florida average has declined the past 47 days for a total discount of 39 cents. 

Sunday’s daily average price of $2.43 per gallon is 7 cents less than a week ago, and the lowest since December 2017. 

Average prices are at or near the lowest of the year in metro areas like Daytona Beach, Fort Myers, Jacksonville, Lakeland, Melbourne, Ocala, Orlando, Punta Gorda, Tampa Bay, and The Villages. Click here and scroll down to check daily metro average gas prices. 

Click here to view AAA’s state and metro gas price averages

  • Most expensive gas price averages: Panama City ($2.79), Crestview-Fort Walton Beach ($2.62), and Miami ($2.62)
    GEORGIA’S LOWEST PRICES OF THE YEAR
    Region 2018 Low Sunday’s Average
    Georgia $2.35 (1/1/18) $2.39
    Albany $2.27 (1/2/18) $2.30
    Athens $2.35 (1/3/18) $2.42
    Atlanta* $2.38 (1/1/18) $2.38
    Augusta-Aiken $2.26 (1/1/18) $2.33
    Brunswick $2.41 (1/1/18) $2.51
    Catoosa-Dade-Walker $2.25 (1/1/18) $2.35
    Columbus $2.31 (1/1/18) $2.35
    Dalton** $2.26 (Sunday) $2.26
    Gainesville $2.34 (1/6/18) $2.35
    Hinesville-Stewart $2.36 (1/1/18) $2.58
    Macon $2.30 (1/1/18) $2.45
    Rome $2.24 (1/1/18) $2.26
    Savannah $2.27 (1/1/18) $2.47
    Valdosta $2.31 (1/1/18) $2.36
    Warner Robins $2.26 (1/1/18) $2.31
  • Least expensive gas price averages: Tampa Bay ($2.25), Orlando ($2.27), and Punta Gorda ($2.29)

Gas prices in Georgia are closing in on the lowest of 2018. Sunday’s daily average of $2.39 per gallon is 4 cents higher than this year’s low, established on January 1. 

The Georgia state average has declined a total of 41 cents in the past 44 days. During the past week alone, it dropped 9 cents.

Average prices are at or near the lowest of the year in metro areas like Albany, Atlanta, Columbus, Dalton, Gainesville, Rome, and Valdosta. Click here and scroll down to check daily metro average gas prices. 

Click here to view AAA’s state and metro gas price averages

  • Most expensive gas price averages: Hinesville-Fort Stewart ($2.58), Brunswick ($2.51), and Savannah ($2.47)
  • Least expensive gas price averages: Rome ($2.26), Dalton ($2.26), and Albany ($2.30)

Gas prices in Michigan are now the averaging the lowest of 2018. The Michigan state average for regular unleaded declined the past 31 consecutive days for a total of 44 cents. 

Sunday’s daily average price of $2.40 per gallon is 8 cents less than a week ago, and 13 cents less than this time last year. 

Average prices are below or near 2018-lows in metro areas like Grand Rapids, Jackson, Lansing, Marquette, and Saginaw. Click here and scroll down to view daily metro average gas prices.

Click here to view AAA’s state and metro gas price averages

  • Most expensive gas price averages: Marquette ($2.59), Ann Arbor ($2.50), and Metro Detroit ($2.48)
  • Least expensive gas price averages: Grand Rapids-Muskegon-Holland ($2.23), Benton Harbor ($2.26), and Jackson ($2.28)

Gas prices in Tennessee are approaching 2018 lows. Sunday’s state average of $2.34 per gallon is 8 cents higher than this year’s lowest daily average of $2.26/g, set on January 1. 

MICHIGAN’S LOWEST GAS PRICES OF THE YEAR 
Region 2018 Low Sunday’s Average
Michigan** $2.40 (Sunday) $2.40
Ann Arbor $2.46 (2/26/18) $2.50
Detroit $2.44 (2/26/18) $2.48
Flint $2.29 (2/20/18) $2.32
Grand Rapids** $2.23 (Sunday) $2.23
Jackson** $2.28 (Sunday) $2.28
Lansing* $2.29 (2/20/18) $2.31
Marquette $2.57 (1/4/2018) $2.59
Saginaw $2.31 (2/20/18) $2.33
Traverse City $2.32 (2/20/18) $2.45

The average price in Tennessee has declined the past 45 consecutive days for a total discount of 35 cents. 

Average prices are at or near 2018-lows in metro areas like Chattanooga, Cleveland, Jackson, Knoxville, and Memphis. Click here and scroll down to find daily metro average gas prices.

Click here to view AAA’s state and metro gas price averages

  • Most expensive gas price averages: Johnson City ($2.43), Nashville ($2.43), and Jackson ($2.36)
  • Least expensive gas price averages: Cleveland ($2.17), Chattanooga ($2.22), and Knoxville ($2.27)

Gas Price Tools

 CURRENT AND PAST PRICE AVERAGES

TENNESSEE’S LOWEST GAS PRICES OF THE YEAR
Region 2018 Low Sunday’s Average
Tennessee $2.26 (1/1/18) $2.34
Chattanooga $2.19 (1/1/18) $2.22
Clarskville-Hopkinsville $2.20 (1/1/18) $2.34
Cleveland $2.17 (Sunday) $2.17
Jackson  $2.32 (1/1/18) $2.36
Johnson City $2.23 (1/1/18) $2.43
Kingsport $2.24 (1/1/18) $2.36
Knoxville $2.26 (2/25/18) $2.27
Memphis $2.28 (1/1/18) $2.31
Morristown $2.28 (3/13/18) $2.36
Nashville $2.28 (1/1/18) $2.43

 Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago 2018 Low 2018 High Record High
National $2.561 $2.567 $2.625 $2.837 $2.509 $2.49   (1/3/2018) $2.97 (5/26/2018) $4.11   (7/17/2008)
Florida $2.425 $2.431 $2.495 $2.725 $2.463 $2.43     (Sunday) $2.92 (5/25/2018) $4.08   (7/17/2008)
Georgia $2.393 $2.403 $2.478 $2.723 $2.365 $2.35   (1/2/2018) $2.84 (5/27/2018) $4.16   (9/15/2008)
Michigan $2.398 $2.408 $2.484 $2.826 $2.531 $2.40    (Sunday) $3.13 (5/25/2018) $4.26    (5/4/2011)
Detroit $2.478 $2.488 $2.539 $2.817 $2.583 $2.44 (2/27/2018) $3.11 (5/25/2018) $4.24    (5/4/2011)
Tennessee $2.342 $2.349 $2.415 $2.619 $2.292 $2.26   (1/1/2018) $2.73 (5/27/2018) $4.12  (9/15/2008)
Click here to view current gasoline price averages

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 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.

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, insurance, financial services and travel offerings to over 9.6 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 59 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.