Plunging oil prices continue to place downward pressure on prices at the pump. Nationally, gas prices have fallen 7 cents from a week ago, and 14 cents from a month ago. Should oil prices remain at or below their current rate, the national average could dip below $2 per gallon by the end of the year. In the southeastern U.S. the price at the pump has fallen 4 cents in the past week, and more than 20 cents in the past month.

"We may see a little volatility in gas prices as refineries conduct seasonal maintenance," said Josh Carrasco, spokesman, AAA - The Auto Club Group. " After Labor Day we normally see a drop in gasoline demand as we head out of the busy summer driving season. A decline in demand, refineries switching to winter-blend fuels and falling oil prices should cause a continued drop in price of gas. If there are no major supply disruptions, we could see some stations in the southeast selling $2 a gallon gas this fall.”

On Friday, the price of West Texas Intermediate oil briefly dipped below $40 a barrel before closing at $40.45 - the lowest daily closing price since March 2009. The price of oil averaged $45.72 the week gas prices hit their 2015 low from January 26-31. During that week, the lowest average gas price was $2.07 in Florida, $1.99 in Georgia, and $1.88 in Tennessee.

State Breakdown

Florida: The current average price of $2.38 is the lowest since February 24; 4 cents lower than a week ago, 22 cents less than a month ago, and 96 cents cheaper than a year ago. Gas prices have fallen 64 of the last 66 days.

Georgia: The current average price of $2.39 is the lowest since April 24; 4 cents lower than a week ago, 20 cents less than a month ago, and 94 cents cheaper than a year ago. Gas prices have fallen 44 of the last 46 days.

Tennessee: The current average price of $2.26 is the lowest since April 21; 4 cents lower than a week ago, 19 cents less than a month ago, and 95 cents cheaper than a year ago. Gas prices have fallen 64 of the last 67 days.

 

CURRENT AND PAST PRICE AVERAGES 

Regular Unleaded Gasoline 

	Sunday	Saturday	Week Ago	Month Ago	Year Ago
National	$2.603	$2.615	$2.669	$2.740	$3.439
Florida	$2.377	$2.385	2.424	2.608	3.337
Georgia	2.392	2.399	2.433	2.586	3.326
Tennessee	2.256	2.263	2.297	2.452	3.210
	Click here to view current gasoline price averages

AAA updates fuel price averages daily at http://www.fuelgaugereport.aaa.com/. Every day up to 120,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.