AAA: Gas prices at lowest level in 7 years

Motorists have fallen in love with paying the lowest gas prices in seven years. The national average price for a gallon of regular unleaded was $1.70 on Valentine’s Day this year, 55 cents lower than last year, and $1.64 lower than the same day in 2014.

“Gas prices continue to hover at levels unseen since 2009, largely due to the lower crude oil prices and minimal disruptions in supply,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Oil and gasoline supplies are at their highest levels on record, which should prevent upswings in pump prices until refinery maintenance season begins.”

Gas prices have fallen 40 of the past 45 days, declining at a rate of about a half cent a day. So far this year, retail prices have fallen 30 cents nationwide, 25 cents in Georgia, and 24 cents in Florida and Tennessee.

Global oil prices keep swinging due to speculations about future supply and demand, but on the whole remain depressed in comparison to previous years. Crude oil prices averaged $28.15 last week, the lowest weekly settlement since 2003. Daily settlements reached as low as $26.21 a barrel last week due to worries about the market’s oversupply, but rebounded on the possibility of OPEC reportedly considering a production cut later in the week. Market fundamentals remain out of balance, and the current glut in supply is likely to keep a ceiling on the price of crude oil in the near term. WTI closed out the week up $3.23 and settled at $29.44 per barrel.

Figures below for Tennessee.



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About Jim Harris

Jim Harris has been WYSH's News & Sports Director since 2000. In addition to reporting local news, he is the play-by-play voice for Clinton High School football, boys' and girls' basketball and baseball. Catch Jim live weekdays beginning at 6:30 am for live local news, sports, weather and traffic plus the Community Bulletin Board, shenanigans with Ron Meredith and more on the Country Club Morning Show on WYSH. Jim lives in Clinton with his wife Kelly and daughter Carolina, and cats Oliver, Bow and Libby.

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