Nationwide motorists are paying the cheapest price at the pump since 2010. The average price of gas has now fallen below the $3 mark in seventeen states. Georgia is one of the newest members of the $3 club, the average currently sits at $2.93. In Florida gasoline is hovering around $3.04, but in metro markets like Orlando, Pensacola, and Tampa motorists are have already seen the average dip below the $3 threshold. Meanwhile, Tennesseans are enjoying the second lowest gas prices in the nation.
"We are seeing gas prices falling at an average of 1-2 cents a day," said Josh Carrasco, spokesman, AAA – The Auto Club Group. "Motorists are saving 65 cents on average for every gallon they pump into their tank, when compared to the peak price of $3.70 in April. That's extra money consumers can now use in other areas like holiday shopping."
WTI, the benchmark for crude oil in the U.S., fell $1.08 on Friday to close the week at $81.01. Oil prices hit a two year low on October 16th, briefly falling below $80 a barrel. Analysts predict the price of oil could fall as low as $75.
"Cheaper oil equals cheaper gas," said Carrasco. "Oil accounts for two-thirds of the price at the pump. Right now, demand is low and oil production in the U.S. is at almost a 30 year high. Lower oil prices means more money in consumers pockets."
The national average for a gallon of unleaded gasoline is $3.05, down 6 cents over last week. Motorists in Florida, Georgia and Tennessee are enjoying the lowest gas prices since December 2010. The price in Florida dropped 11 cents this week to $3.04. In Georgia, the average is $2.93, sliding 12 cents on the week. Only one state is selling gas cheaper than Tennessee where the average is down 9 cents at $2.80 a gallon.
To find gas stations selling the cheapest gas near you go to AAA's "Fuel Prices Finder" at AAA.com/gas. Users can search prices at filling stations in all 50 states. The results are sorted by price and displayed on a map with the location of each station.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Sunday
Saturday
Week Ago
Month Ago
Year Ago
National
$3.05
$3.06
$3.11
$3.34
$3.30
Florida
$3.04
$3.05
$3.15
$3.29
$3.30
Georgia
$2.93
$2.95
$3.05
$3.29
$3.27
Tennessee
$2.80
$2.81
$2.89
$3.13
$3.16
This article originally appeared on Santa Rosa Press Gazette: AAA: GAS PRICES FALL TO A 46 MONTH LOW