TAMPA, Fla. — The national average price for regular unleaded gasoline slipped 1-cent since last week's AAA Gas Price Brief and is currently $2.79 a gallon. Sunday's average remains significantly lower than on this same date last year, down 89 cents.
The national average declined by fractions of a cent for six consecutive days. Meanwhile prices in Florida, Georgia, and Tennessee have declined three, six and four consecutive days respectively.
"This is an encouraging sign that gas prices may have finally hit their high-point for the year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The next week will be a strong indicator if prices have finally peaked. Prices should begin moving down as long as there are no major bumps in oil prices."
Oil prices slip
Last week, the price of oil averaged $59.89 - 20 cents cheaper than the week before, marking the first weekly decline in three weeks. During the week, WTI oil settled as high as $60.45 a barrel on the NYMEX, but settled at $59.61 per barrel on Friday. The highest settlement of 2015 was $61.43 a barrel on June 10.
The global oil market is currently under downward pressure from a strong U.S. dollar and rising concerns about the potential for a financial crisis in Greece. Euro zone leaders convened on Monday in attempts to address the Greek debt crisis, which could impact the global crude market by causing demand to fall. The decline in the Euro is also putting additional pressure on the U.S. dollar, making crude more expensive for countries with other currencies. Both items have the potential to reduce demand and place a ceiling on the price of crude. Additionally, Saudi Arabia is continuing to increase its exports and the market is likely to remain oversupplied in the near term.
Southeastern U.S. Gas Prices stabilize
Florida: the current state average of $2.71 is the same as last week, but 91 cents cheaper than this time last year.
Georgia: the current state average of $2.71 is 1-cent cheaper than last week and 90 cents cheaper than last year.
Tennessee: the current state average of $2.58 is the same as last week, but 89 cents cheaper than this time last year.
