AAA: U.S. Gas Price Average Drops Below Year Ago Levels, National Average Price of $2.35
By Space Coast Daily // June 9, 2017
National Average for Gas Dips Below Year-Ago Levels for First Time in 204 Days
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FLORIDA – Motorists in many parts of the country are finding summer gas prices that are cheaper than last year.
Today’s national average price for gasoline dipped below year-ago levels for the first time in 204 days.
Friday’s national average price of $2.35 is 2 cents less than a year ago, after declining for the last seven consecutive days.
The average price in Florida remains slightly higher than last year’s levels by half a penny, and will likely dip below year-ago levels over the weekend. If that happens on Saturday, it would be the first time in 199 days. You can track Florida’s daily average at Gasprices.AAA.com.
Motorists can use the AAA Mobile app to compare prices at gas stations near them.
“Fresh data from the government showed renewed concerns of a glut and that pushed market prices much lower this week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
“Refineries are pumping out gasoline at a rate that outpaces demand, and motorists stand to reap the benefits. If gas prices remain less than year-ago levels, we could see the lowest summer gas prices since 2004.”
Twenty-three (23) states have average prices less than a year ago. The 23 states include: Alabama (-10 cents), Arkansas (-2 cents), Georgia (-6 cents), Iowa (-4 cents), Illinois (-21 cents), Indiana (-28 cents), Kansas (-2 cent), Kentucky (-15 cents), Maryland (-1 cent), Maine (-3 cents), Michigan (-22 cents), Missouri (-3 cents), Mississippi (-2 cents), North Carolina (-8 cents), Nebraska (-6 cents), Ohio (-27 cents), Oklahoma (-7 cents), South Carolina (-8 cents), Tennessee (-11 cents), Virginia (-7 cents), Washington, D.C. (-3 cents), Wisconsin (-10 cents) and West Virginia (-7 cents).
Many factors play into the price at the pump, but the common denominator for last June and the current month is crude oil. Friday afternoon, oil prices were trading under $46/b.
Thursday’s closing price of $45.64/b was the lowest daily settlement since May 4. During the entire month of June 2016, oil prices logged daily closing prices within a range of $46.33-$51.23/b. The lowest closing price for the summer 2016 was $39.51/b on August 2.
“Last summer, oil prices were the driving force for Florida gas prices falling 62 consecutive days for a total discount of 30 cents between June and August,” Jenkins continued.
“For gas prices to remain below year-ago levels this summer, we will need to see oil prices spend several weeks under $45 a barrel like they did last year.”