AAA: GAS PRICES DECLINE 11 CONSECUTIVE DAYS

Gas prices declined for the 11th consecutive day Sunday; falling 4 cents in Florida, 5 cents in Tennessee and 6 cents in Georgia.

“Gas prices immediately began their seasonal downward trend at the beginning of September,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Refineries are entering maintenance season as they begin the switch to winter-blend gasoline. This fuel has fewer additives, making it cheaper to produce than summer-blend gasoline, which leads to lower gas prices. Gas prices should follow a downward trend through the rest of the year, unless there are refinery issues or if oil prices surge.”

Regional Gas Prices

Motorists are currently saving an average of $18 for a full tank of gas compared to what they paid this time two years ago, when pump prices exceeded $3 a gallon. The current average price for a  gallon of regular unleaded in Florida is $2.19. That price is 3 cents less than a week ago and 4 cents less than this time last year, but $1.16 less than two years ago. The state average price in Georgia of $2.10 is 4 cents less than a week ago and 11 cents less than last year, but $1.24 less than this time two years ago. The Tennessee state average of $2 is 3 cents less than a week ago and 7 cents less than a year ago, but $1.20 less than this time two years ago. For the first time in 19 days, the Tennessee state average will be less than $2 a gallon.

Crude Oil Prices

Crude oil prices averaged $45.96 last week a slight increase from a week ago. Oil markets rallied briefly on Thursday as the Energy Information Administration reported crude oil inventories fell 14.5 million barrels, the biggest drop since January 1999. The sharp drawdown of inventory is due to substantial oil consumption and fewer imports attributed to tropical storm Hermine disrupting shipments to the Gulf of Mexico and U.S. East Coast. In addition to crude oil inventory data, forces driving the market continue to center around discussions of a freeze in oil production by OPEC and non-OPEC countries. Traders will continue to monitor these factors in the coming weeks for guidance on what direction oil markets will move this fall. At the close of Friday’s formal trading session on the NYMEX, WTI was down $1.74 to settle at $45.88 per barrel.

Regular Unleaded Gasoline