January Gas Prices Up 42 Cents Over Last Year




JANUARY GAS PRICES UP 42 CENTS OVER LAST YEAR
Motorists paid the highest January gas prices since 2014

 

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January Gas Trends

  • January ended the month with national gas prices averaging $2.27 a gallon, 6 cents cheaper than the first of the year.
  • January gas prices were the highest since 2014.
  • Nationally the price for a gallon of regular unleaded gallon averaged $2.33 this month, up 42 cents from last year and 22 cents from two years ago.
  • Historically, the price of gas has increased by an average of 2 cents nationwide during the month of January (dating back to the year 2000).
  • However, since 2014 gas prices have declined an average of 12 cents during the first year of the month.
  • Last year the average price of gasoline fell 20 cents throughout the month– the highest monthly decline for January on record.

Crude Oil Trends

  • “Crude oil is steering the price of gas at the moment,” said Josh Carrasco, spokesman, AAA-The Auto Club Group. “The price of oil is $20 more than this same time last year, which accounts for about half of the cost of gasoline. Motorists have enjoyed modest declines at the pump this month, but we could see that trend reverse in the coming weeks.”
  • Oil prices rose slightly on Tuesday after news that the Organization of the Petroleum Exporting Countries oil production has fallen. A recent Reuters survey showed that OPEC achieved 82% of it promised cutbacks in the month of January.
  • 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.
  • Increased domestic oil production in the United States has helped to offset OPEC cutbacks thus far.  Traders will continue to keep an eye on U.S. production and the impact it has on supply and demand.

 

JANUARY MONTHLY PRICE AVERAGES

Regular Unleaded Gasoline

Jan. 2017

Jan. 2016

Jan. 2015

Jan. 2014

Jan 2013

National

$2.330

$1.909

$2.108

$3.299

$3.316

Florida

$2.372

$1.927

$2.184

$3.384

$3.420

Georgia

$2.230

$1.820

$2.069

$3.217

$3.314

Tennessee

$2.121

$1.689

$1.950

$3.110

$3.180

Click here to view current gasoline price averages

AAA updates fuel price averages daily at 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.

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.




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