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NEWS RELEASE MEDIA CONTACTS: Florida Georgia Tennessee |
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AAA: OIL HITS 2-YEAR HIGH; UPWARD PRESSURE ON GAS PRICES
Gas Prices Face Upward Pressure on OPEC Meeting
TAMPA, Fla. (November 27, 2017) — Look for a bounce back week for gas prices, which have declined for the past two weeks. Prices at the pump should increase this week, as a high stakes OPEC meeting draws near.
OPEC MEETING'S IMPLICATIONS ON GAS PRICES
Representatives of OPEC, Russia, and other oil producing countries will meet on Thursday to decide whether to extend an agreement to reduce oil production levels by 1.8 million barrels per day. The current agreement expires at the end of Q1 2018. Preliminary reports are that the agreement could extend through the end of 2018. News of the potential extension helped crude oil reach $59.95 per barrel - the highest daily settlement since June 2015. WTI rose nearly $4 last week; an increase that would often result in a 10 cent increase at the pump.
"When oil prices rise, it becomes more expensive to produce gasoline," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Prices at the pump are poised for an increase of 3-5 cents, based on current fundamentals. However, the oil and gasoline markets are likely to be volatile this week, and prices could face additional upward pressure as we creep closer to the OPEC meeting."
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.
Regional Gas Prices
Florida gas prices averaged $2.46 per gallon, on Sunday. The state average is 3 cents less than a week ago, yet remains 46 cents higher than this time last year.
- The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.58), Miami ($2.56), and Homosassa Springs ($2.54)
- The least expensive gas price averages in Florida are in Pensacola ($2.37), Jacksonville ($2.40), and Pensacola ($2.37)
Georgia gas prices averaged $2.36 on Sunday. The state average is 3 cents less than last week, yet remains 38 cents more than this time last year.
- The most expensive gas price averages in Georgia are in Savannah ($2.40), Brunswick ($2.39), and Atlanta ($2.39)
- The least expensive gas price averages in Georgia are in Warner robins ($2.26), Dalton ($2.26), and Catoosa-Dade-Walker ($2.28)
Tennessee gas prices averaged $2.29 on Sunday. The state average is 2.5 cents less than last week, yet remains 35 cents higher than this time last year.
- The most expensive gas price averages in Tennessee are in Jackson ($2.38), Nashville ($2.32), and Memphis ($2.31)
- The least expensive gas price averages in Tennessee are in Cleveland ($2.18), Chattanooga ($2.19), and Clarksville-Hopkinsville ($2.22)
Highs and Lows of 2017
- National: the highest average price for gasoline was $2.67 on September 8; the lowest was $2.23 on July 5.
- Florida: the highest average price in was $2.73 on September 9; the lowest was $2.13 on July 17.
- Georgia: the highest average price was $2.76 on September 12; the lowest was $2.08 on July 5.
- Tennessee: the highest average price was $2.60 on September 10; the lowest was $1.99 on July 5.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
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Sunday | Saturday | Week Ago | Month Ago | One Year Ago | Highest Price on Record |
| National | $2.510 | $2.512 | $2.544 | $2.463 | $2.126 | $4.114 (7/17/2008) |
| Florida | $2.462 | $2.464 | $2.495 | $2.408 | $2.095 | $4.079 (7/17/2008) |
| Georgia | $2.364 | $2.366 | $2.393 | $2.372 | $2.089 | $4.164 (9/15/2008) |
| Tennessee | $2.290 | $2.291 | $2.315 | $2.259 | $1.944 | $4.118 (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 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 9.4 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 57.7 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.