AAA: Gas Prices Dropping Before Thanksgiving




AAA: GEORGIA GAS PRICES SHOULD AVERAGE $2.44 ON THANKSGIVING

The Georgia Average Should Drop Another 5 Cents Before Thanksgiving Day

ATLANTA, GA., (November 19, 2018) — Oil prices hit a new low last week, further fueling the plunge at the pump. Gas prices in Georgia dropped another 9 cents last week. At $2.48/g, the average price in Georgia is the lowest since March, and now only 13 cents more than the lowest average price this year ($2.35).

Thanksgiving Travel Volumes
  • Total Travelers
    • 48.5 million Americans
    • 1.6 million Georgians
    • 1.2 million Tennesseans
  • Auto Travelers
    • 48.5 million Americans
    • 1.4 million Georgians
    • 1.2 million Tennesseans

Thanksgiving gas prices in Georgia will remain slightly higher than last year’s holiday. AAA forecasts nearly 1.6 million Georgians will travel this week for Thanksgiving. Of those, 1.4 million will drive. By Thanksgiving Day, gas prices should average $2.44/g. While that is 7 cents more than last year’s holiday, it’s 2 cents less than the 5-year average.

Thanksgiving Day Gas Price History
2013 2014 2015 2016 2017 5 Year Average
National $3.28 $2.80 $2.05 $2.13 $2.52 $2.56
Georgia $3.28 $2.71 $1.99 $2.09 $2.37 $2.49
Atlanta $3.25 $2.76 $2.02 $2.12 $2.40 $2.51

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

  • Most expensive gas price averages: Hinesville-Fort Stewart ($2.63), Brunswick ($2.58), and Savannah ($2.53)
  • Least expensive gas price averages: Dalton ($2.35), Rome ($2.39), and Warner Robins ($2.40)

“Georgians can be thankful for strong oil production and supplies, which have set the table for some of the lowest gas prices of the year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The state average should carve-off another 5 cents before Thanksgiving, and eventually fall below $2.30 before fully adjusting to recent oil and wholesale gas price declines. However, there is potential for oil prices to rise in December, depending on how markets respond to possible OPEC oil production cuts and sanctions against Iranian oil exports.”

Weekly Fuel Data – U.S. Energy Information Administration 

Fuel Price Breakdown
  • Thanksgiving gas prices are poised to be the lowest in 2 years in some states
  • Oil prices plunged due to strong production and global supplies, and weakening demand
  • Crude oil sank to the lowest price of 2018
    • $55.69/b is the lowest since November 2017
  • Wholesale gasoline prices are also at 13-month lows (October 2017)
  • Zero states have an average gasoline price below $2 per gallon
  • Oil prices would have to drop another $10-$15 for sub-$2 gasoline to become more prevalent
  • Crude oil supplies increased 2.4 percent (8th consecutive weekly gain)
  • Crude production reached a historic 11.7 million barrels per day – a 100,000 bpd increase from the week before
  • Gasoline demand increased 1-percent
  • Gasoline supplies dipped slightly by a little more than a half percent
  • Gasoline production remains strong for this time of year

Sub-$2 Gasoline?

Motorists are beginning to find Sub-$2 gasoline at various filling stations in states with low gas taxes like Tennessee, Alabama, and Louisiana. However, there are currently zero states where the average price is anywhere near $1.99 per gallon. Oil prices would have to drop another $10-$15 per barrel, for sub-$2 gasoline to be prevalent. The state with the lowest average price in the country today is Missouri ($2.28/g).

  • The national average price for gasoline was last below $2 per gallon in March 2016
    • During that time, oil prices were in the high $30’s
  • Georgia’s average price for gasoline was last below $2 per gallon in August 2016
    • During that time, oil prices were in the low $40’s
  • Tennessee’s average price for gasoline was last below $2 per gallon in July 2017
    • During that time, oil prices were in the mid $40’s

Early last week, the U.S. benchmark for crude oil dropped to $55.69 per barrel – the lowest since November 2017. By Friday, the daily settlement reached $56.46/b – which is still about $4/b less than last week, and $20/b less than this year’s high, set last month.

Gas Price Tools
GasPrices.AAA.com – Daily national, state, and metro gas price averages

 

                                                                 CURRENT AND PAST PRICE AVERAGES

                                                                                     Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago 2018 Low 2018 High Record High
National $2.631 $2.640 $2.703 $2.872 $2.549 $2.49   (1/3/2018) $2.97 (5/26/2018) $4.11   (7/17/2008)
Florida $2.499 $2.510 $2.574 $2.778 $2.502 $2.44   (1/2/2018) $2.92 (5/25/2018) $4.08   (7/17/2008)
Georgia $2.483 $2.493 $2.567 $2.778 $2.398 $2.35   (1/2/2018) $2.84 (5/27/2018) $4.16   (9/15/2008)
Tennessee $2.423 $2.432 $2.496 $2.665 $2.321 $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.




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