Gas Prices Drop 10 Cents in 3 Days

By | May 15, 2017

GEORGIA GAS PRICES DROP 10 CENTS IN 30 DAYS

Downward trend likely to end this week

TAMPA, Fla. (May 14, 2017) Georgia gas prices declined 4 cents in the past week. The state average has declined 29 of the past 30 days, for a total discount of 10 cents during that time.

Sunday’s average price for a gallon of regular unleaded gasoline in Georgia was $2.19, 15 cents less than the national average, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express. Gas prices are only 3 cents more than this time last year.

  • The most expensive gas price averages in Georgia are in Savannah ($2.22), Atlanta ($2.20), and Albany ($2.20)
  • The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.13), Macon ($2.14), and Valdosta ($2.16)

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Sunday’s national average is $2.34″This unseasonable pump price plunge continued through the weekend, but shouldn’t last much longer,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Although gas prices could slip a little lower this week, rising oil and gasoline futures prices have already caused that downward shift to stall in some markets. As we get closer to Memorial Day, the market will continue to be influenced by crude prices, refinery production rates and gasoline inventories as key indicators that will steer retail prices into the summer.”

Energy prices pushed higher last week following updated EIA data showing increased demand and the biggest one week drawdown in crude stockpiles since December. This shift in fundamentals sent oil and gasoline futures prices high enough to likely cutoff downward momentum of prices at the pump. Oil prices settled at $47.84 on the NYMEX Friday – an increase of $1.62 from the week before. Meanwhile, gasoline futures prices settled at their highest price in two weeks. The energy market will continue to be swayed by supply and demand data released by the EIA. The outcome of an OPEC meeting later this month on whether to extend or modify production cuts will also have a major impact on the direction of prices.

Gas Price Tools for Reporters/Consumers
  • GasPrices.AAA.com – Daily national, state, and metro gas price averages.
  • AAA Mobile app – Free app that shows current prices at a gas station near you.

Market Movers

  • U.S. crude stocks dropped 1% – the largest weekly decline since the first week of December 2016. Inventories now sit at 522.5 million barrels – the lowest amount since the end of February.
  • Refinery utilization rates dropped by nearly two percentage points – hitting the lowest efficiency levels in about a month.
  • Gasoline demand grew by 2.7% over the previous week, but remains 2.4% below year ago levels.
  • Domestic crude production soared past the 9.3 million-b/d mark. Goldman Sachs predicts levels could exceed 10 million-b/d in Q2 2018.
  • Gasoline production rose to the highest level since December (+2.75%)

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.338 $2.340 $2.350 $2.406 $2.220 $4.114 (7/17/2008)
Florida $2.322 $2.327 $2.369 $2.424 $2.192 $4.079 (7/17/2008)
Tampa $2.269 $2.276 $2.339 $2.391 $2.127 $4.009 (7/16/2008)
Georgia $2.193 $2.195 $2.225 $2.290 $2.162 $4.164 (9/15/2008)
Tennessee $2.095 $2.097 $2.120 $2.174 $2.051 $4.118 (9/15/2008)
Click here to view current gasoline price averages

 

 

 

 

 

 

 

 

Fuel Fundamentals
(Based on weekly data provided by the EIA)
  • Crude oil prices settled at $47.84 on the NYMEX Friday – an increase of $1.62 from the week before
  • U.S. crude stocks dropped 1% – the largest weekly decline since the first week of December 2016. Inventories now sit at 522.5 million barrels – the lowest amount since the end of February.
  • Domestic crude production soared past the 9.3 million-b/d mark. Goldman Sachs predicts levels could exceed 10 million-b/d in Q2 2018.
  • Refinery utilization rates dropped by nearly two percentage points – hitting the lowest levels in about a month
  • Wholesale gasoline futures prices settled at their highest price in two weeks
  • Gasoline production rose to the highest level since December (+2.75%)
  • Gasoline stocks dipped back below 80 million barrels per day – a 1.12% decline from the week before 
  • Gasoline demand grew by 2.7% over the previous week, but remains 2.4% below year ago levels

 

 

Gas Price Survey Methodology
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, insurance, financial services and travel 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. 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. AAA clubs can be visited on the Internet at AAA.com.



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