AAA reports Summer Travel Season begins with Lowest Gas Prices in 12 Years

AAA reports Summer Travel Season begins with Lowest Gas Prices in 12 Years



TravelWireNews Chatroom for Readers (join us)

AAANashville, TN – Gas prices opened the summer travel season averaging the lowest price in 12 years. Since June 1st, 2017,  Tennessee gas prices averaged $2.07 – 9 cents less than the same period last year, and the lowest since 2005 ($2.03). 

“Lower gas prices will make it more enticing for Americans to take extended, or more frequent road trips this summer,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “And when travelers spend less at the pump, they are left with extra cash to spend on lodging, shopping, and dining out.”

Clarksville-Montgomery County has the third most expensive Gas Prices in Tennessee.

Clarksville-Montgomery County has the third most expensive Gas Prices in Tennessee.

Seasonal Gas Prices

June 1 – June 25 2017 2016 2005
National $2.33 $2.35 $2.13
Florida $2.31 $2.32 $2.16
Tampa Bay $2.26 $2.27 $2.09
Georgia $2.18 $2.24 $2.05
Tennessee $2.07 $2.16 $2.03

Gas prices in Tennessee averaged $2.02 on Sunday, yet motorists are finding gas prices well below $2.00 a gallon at many service stations throughout the state.

Tennessee ranks 6th among states with the lowest daily average price for gasoline. Sunday’s state average was the lowest since 

Gas prices are on a hot streak, falling for the 27th consecutive day on Sunday, for a total discount of 10 cents during that time. 

The state average declined 3 cents during the past week, 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. 

  • The most expensive gas price averages in Tennessee are in Nashville ($2.06), Memphis ($2.05), and Clarksville-Hopkinsville ($2.02)
  • The least expensive gas price averages in Tennessee are in Chattanooga ($1.92), Johnson City-Kingsport-Bristol ($1.99)

“Oil prices moved even lower last week, dragging gas prices down with them,” Jenkins said. “Oil prices are having a hard time stabilizing amid fears that oversupply will continue dominating market. The slump at the pump is not over yet. Prices are falling at a steady rate, and motorists should see another round of discounts this week.”

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.

Summer Gas Prices will Rival Those from 2016

  • The national average for gasoline was $2.23/g from June 1st – August 31st, 2016. The national average fell from $2.38 in June, to as low as $2.12 in August. 
  • The Tennessee average for gasoline was $2.03/g from June 1st – August 31st, 2016. The state average fell from $2.20 in June, to as low as $1.88 in early August.
  • Gasoline prices declined in line with the falling price of crude. Daily WTI settlements dropped from $51.23 in June, to as low as $39.51 in early August.
Fuel Fundamentals
(Based on weekly data provided by the EIA)
  • Crude oil prices averaged the lowest in 10 months
  • U.S. crude inventories decreased by 2.5 million barrels (0.5%) to 509.1 million, but remain 1.8% higher than last year
  • Domestic crude production rose by 20 barrels, averaging 7.1 percent higher than last year
  • Refineries continue running strong, operating at 94 percent capacity 
  • Wholesale gasoline is down 2 cents from the week before 
  • Domestic gasoline production increased last week, averaging 10.2 million barrels per day. 
  • Gasoline supplies inched lower nationwide, but higher in the Gulf Coast
  • Gasoline demand surged 5.9 percent higher than the week before, but remains 1.6 percent lower than this time last year

Current and Past Price Averages

Regular Unleaded Gasoline

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.

Sections

News

Topics

, , , , , , , , , , , , , , , , , ,



%d bloggers like this: