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Consumers are Paying the Lowest Price at the pump in over two years

U.S.oil production has soared to its highest level since 1985, placing downward pressure on oil and gasoline prices. WTI crude settled at $82.75 on Friday, after dropping below $80 a barrel for the first time in two years on Thursday. The savings at the pump, created by the US "Shale Boom,” comes as a relief to consumers as the holiday shopping season approaches.

"Motorists are paying $5 to $15 less to fill their tanks than they were around July 4th," said Josh Carrasco, spokesman, AAA – The Auto Club Group. "This is extra money that consumers can use for the holidays, either to put presents under the tree, or dinner on the table."

Gas prices slid 10 cents nationally to $3.11 a gallon compared to last week, the lowest average since February 2011. Motorists in Florida and Georgia are paying the cheapest rate at the pump in over two years. The price for a gallon of regular unleaded gasoline fell 9 cents in Florida to $3.15 a gallon. In Georgia the average dropped 14 cents to $3.05 a gallon. Tennesseans are seeing gas prices at their lowest point since December 2010.  The average price at the pump in Tennessee is $2.89, down 11 cents from last week.

"Gas prices should continue to fall through the end of the year," said Carrasco. "$3 a gallon and cheaper should become a common sight for motorists. The state averages of Florida and Georgia could be at or even below the $3 a gallon mark as early as Thanksgiving."

It is now easy to locate stations selling the cheapest gas in town by using AAA's new "Fuel Price 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

$3.11

$3.13

$3.21

$3.36

$3.36

Florida

$3.15

$3.16

$3.24

$3.29

$3.33

Georgia

$3.05

$3.06

$3.19

$3.30

$3.29

Tennessee

$2.89

$2.90

$3.00

$3.15

$3.18

This article originally appeared on Santa Rosa Press Gazette: Consumers are Paying the Lowest Price at the pump in over two years


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