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Streak of Gas Price Declines Reaches 60 Days

November 24th, 2014 by admin

Michael Green Contact Tile(WASHINGTON, November 24, 2014) The national average price for regular unleaded gasoline has fallen for 60 consecutive days, reaching today’s price of $2.81 per gallon. This is seven cents less than one week ago, one quarter less than one month ago and 46 cents less than one year ago. Today’s price is the least expensive since November 4, 2010 and motorists are on target to pay the lowest averages at the Thanksgiving holiday since 2009, when the national average price was $2.63 per gallon.

 Avg-Gas-Prices-2011-2014

Across the country motorists are enjoying low prices due to production exceeding demand and relatively few issues at local refineries. Consumers in South Carolina and Missouri are paying the nation’s lowest average price at the pump, $2.57 per gallon, and 38 states are posting averages below the $3.00 per gallon threshold. On the other end of the spectrum, states located on the West Coast and northeast continue to lead the nation registering the nation’s highest averages, led by Hawaii ($3.91), Alaska ($3.54), New York ($3.20) and Connecticut ($3.14).  For the third week in a row, the average price for retail gasoline is below $4.00 per gallon in every state and Washington, D.C.

The price at the pump is down in every state and Washington, D.C. in comparison to one week ago. Thirty-six states and Washington, D.C. are posting week-over-week savings of a nickel or more and drivers in seven of these states have seen prices fall by a dime or more over this same period. Production continues to outpace demand in the Midcontinent, contributing to additional savings at the pump for states in that region. The largest discounts are seen in Indiana, Michigan and Ohio, where the average price is down by 13 cents per gallon.

 10 Least Expensive Avg Gas Prices-11-24

Consumers in every state and Washington, D.C. are also paying less to refuel their vehicles both month-over-month and year-over-year.  Monthly averages are discounted in 49 states and Washington, D.C. by at least 15 cents and 19 states are posting savings of one quarter or more per gallon. Motorists in Minnesota (-39 cents), Oklahoma (-35 cents), California (-32 cents) and Indiana (-32 cents) are experiencing the biggest savings over this period.

The most dramatic savings are seen on a year-over-year basis. Retail prices are lower by at least a quarter per gallon in the majority of states (41). The largest drops in the price at the pump versus last year are seen in the Atlantic Coast States of Florida (-59 cents), South Carolina (-57 cents), Virginia (-57 cents) and North Carolina (-56 cents), however 12 additional states are just behind with their average prices discounted by fifty cents or more per gallon.

 Top10 Yearly Savings-11-24

The abundance in global supply has contributed to a number of global benchmarks trading at multi-year lows, and market watchers are anxiously awaiting the outcomes of two major events scheduled for later this week to see how they will impact prices. The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet this Thursday, and will respond to the growth in world oil supply by either cutting or sustaining its current production levels.  Additionally, Iran is scheduled to meet with world leaders to discuss the possible relaxation of sanctions that have been in place since late-2011. Prior to the sanctions, Iran was one of OPEC’s leading producers and the lifting of these restrictions could inject additional supply into the global oil market.  At the close of formal trading on Friday West Texas Intermediate (WTI) crude oil closed 60 cents higher at $76.43 per barrel. While oil prices did increase slightly to close out last week, WTI has now settled below $80 for three straight weeks – the longest streak since September 2010.

JulieHallImproving Economy Brings 1.9 Million More Travelers, Consumers Pay Lowest Thanksgiving Gas Prices in Five Years

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ORLANDO, Fla., (November 20, 2014) – AAA Travel projects 46.3 million Americans will journey 50 miles or more from home during the Thanksgiving weekend, the highest volume for the holiday since 2007 and a 4.2 percent increase over 2013. Almost 90 percent of travelers (41.3 million) will celebrate the holiday with a road trip and likely will enjoy the lowest Thanksgiving gas prices in five years. The Thanksgiving holiday travel period is defined as Wednesday, November 26 through Sunday, November 30.

Highlights from 2014 Thanksgiving Travel Forecast:

  • Thanksgiving holiday travel volume is expected to reach the highest level since 2007, with 46.3 million Americans taking a trip.
  • The 2014 forecast is 4.2 percent higher than the 44.4 million Americans who traveled last year and the greatest growth rate for any holiday since Independence Day 2012.
  • Road trippers likely will pay the lowest Thanksgiving price for fuel in five years. Today’s national average price of gas is $2.85 per gallon, which is 43 cents lower than the average price for Thanksgiving a year ago ($3.28 per gallon).
  • More than 89 percent of travelers (41.3 million) will travel by automobile, a 4.3 percent increase from 39.6 million last year.
  • Air travel for Thanksgiving is expected to be at the highest level since 2007, with 3.55 million Americans taking to the skies.
  • Travelers will encounter moderately higher prices with airfares one percent higher, mid-range hotels up eight percent and car rentals costing 10 percent more.
  • The average distance traveled this Thanksgiving will be 549 miles roundtrip and Americans will spend an average of $573 during the holiday weekend.

“This year, more Americans will give thanks for the opportunity to travel to friends and family than any year since 2007,” said Marshall L. Doney, AAA President and Chief Operating Officer. “Americans are more optimistic about the future as improvements in several key economic factors, including employment, GDP and disposable income, are boosting consumer confidence and the desire to travel.”

“Holiday joy has come early this year with Americans likely to pay the lowest Thanksgiving gas prices since 2009. Lower prices are increasing disposable income and enabling families to carve out more money from household budgets for travel this Thanksgiving,” continued Doney.

Impact of gasoline prices on travel plans

The national price of gasoline has fallen below $3.00 per gallon for the first time since Dec. 22, 2010, a welcome gift for travelers as they head into the busy holiday travel season. AAA predicts most U.S. travelers likely will pay the cheapest Thanksgiving gas prices in five years. More than 89 percent (41.3 million) of holiday travelers will drive to their destination, a 4.3 percent increase from 2013.

Travel expenses rise modestly

According to AAA’s Leisure Travel Index, hotel rates for AAA Three Diamond lodgings are expected to increase eight percent from one year ago with travelers spending an average of $154 per night compared to $142 last year. The average hotel rate for AAA Two Diamond hotels has risen nine percent with an average cost of $114 per night.

Weekend daily car rental rates will average $55, 10 percent higher than last year. Airfares will only increase one percent, with an average discounted round-trip rate of $189 across 40 top domestic routes.

Most of travelers’ budgets go toward transportation, food and shopping

Travelers are expected to spend an average of $573 over the course of their holiday travels. Despite lower average gas prices, travelers are allocating 31 percent of their budgets to fuel transportation. Food and beverage and shopping will account for 22 percent and 20 percent of holiday travel budgets, respectively.

Travelers’ spending plans mirror their intended activities this Thanksgiving, with 70 percent of travelers reporting they will enjoy dining during their vacation and 59 percent will go shopping. Eighty-nine percent of travelers plan to spend time with friends and family this Thanksgiving holiday.

AAA offers travel planning resources

AAA’s digital tools for travel planning on the go include the free AAA Mobile app for iPhone, iPad and Android. Travelers can use the app to map a route, find current gas prices and discounts, book a hotel and access AAA roadside assistance. Travelers can learn more at AAA.com/mobile.

On AAA.com, travelers can find more than 58,000 AAA Approved and Diamond Rated hotels and restaurants using the TripTik Travel Planner or the searchable Travel Guides at AAA.com/Travel. Every AAA Approved establishment offers the assurance of acceptable cleanliness, comfort and hospitality, and ratings of One to Five Diamonds help travelers find the right match for amenities and services.

AAA’s collection of downloadable eTourBook guides for tablets and smartphones is available free to members at AAA.com/ebooks. Choose from 101 top North American destinations including city titles, like the award-winning Las Vegas, and regions like Wine Country and national parks.

AAA’s projections are based on economic forecasting and research by IHS Global Insight. The Colorado-based business information provider teamed with AAA in 2009 to jointly analyze travel trends during the major holidays. AAA has been reporting on holiday travel trends for more than two decades. The complete AAA/IHS Global Insight 2014 Thanksgiving Travel Forecast can be found here.

As North America’s largest motoring and leisure travel organization, AAA provides more than 54 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at AAA.com. For more information about AAA Travel, visit AAA.com/Travel.

Heather HunterStatement from AAA CEO Bob Darbelnet

ORLANDO, Fla., (November 20, 2014) – “AAA supports NHTSA’s action to call for a full national recall of affected Takata airbags. Vehicles are often bought and sold across state lines so it is in the best interest of consumers to expand this recall to all states. Testimony from today’s hearing before the Senate Commerce Committee further underscored that the grave danger from these defective airbags is a national safety priority and should be treated as such. Motorists’ safety is a national issue that is not confined by regional boundaries. Takata’s handling of this investigation and recall is unacceptable and demonstrates their failure to fully understand, address and communicate the scope of the airbag deficiencies as soon as the problem was identified.”

“The tremendous number of vehicle recalls issued to date this year is understandably alarming to motorists and must lead to systematic changes to the way that regulators and manufacturers protect the safety of motorists. AAA fully supports legislative proposals that call for reforms to strengthen the recall process, increase penalties for inaction by manufacturers, and clarify additional NHTSA oversight responsibilities. Accountability, transparency and full and timely disclosure of any potential safety defect is not negotiable when it comes to motorist safety.”

As North America’s largest motoring and leisure travel organization, AAA provides more than 54 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at AAA.com.

Michael Green Contact TileWASHINGTON (Nov. 19, 2014) — “AAA applauds the nomination of Mark Rosekind to be the next NHSTA administrator. Mr. Rosekind’s experience with and commitment to motorist safety will be a tremendous asset to an agency that faces important questions about breakdowns in the recall process and is tasked with overseeing the emergence of vehicle safety technologies. AAA urges Congress to act swiftly to approve this nomination and fill the administrator position that has been vacant for far too long.”

Michael Green Contact Tile(WASHINGTON, November 17, 2014) The national average price of gasoline has remained below $3.00 per gallon for 17 days, with more than three-quarters of U.S. gas stations now reporting prices below this benchmark. Today’s national average price for regular unleaded gasoline is $2.89 per gallon, which is the lowest mark since December 2, 2010. Today’s price represents a savings of four cents per gallon compared to one week ago, a savings of 24 cents compared to a month ago and 32 cents compared to one year ago.

 National Average Gas Price Comparison 2011 to 2014 November 17 2014

The price at the pump is closely tied to the wholesale price of crude oil, and falling global oil prices have been the primary contributing factor to the price at the pump declining for 53 consecutive days. This is the longest streak of declines since 2008. West Texas Intermediate (WTI) crude oil, the traditional U.S. benchmark, dropped to its lowest level in more than three years this past Thursday ($74.21 per barrel). Lower crude oil costs are the main reason why drivers are paying  an average of 81 cents per gallon less than the 2014 peak of $3.70 per gallon (April 28). The downward pressure on prices is expected to continue through the Thanksgiving holiday, meaning drivers are likely to be giving thanks for the cheapest seasonal prices since 2009 when the national average registered $2.63 on the holiday.

 AAA Top Ten Most Expensive Average Gas Prices November 17 2014

Across the country, state averages continue to tick downward with consumers in 48 states and Washington, D.C. experiencing week-over-week savings at the pump. Thirty-five states are reporting an average less than $3.00 per gallon and three states, including Montana, North Dakota and Pennsylvania, are just fractions of a cent from also falling below this benchmark. Drivers in South Carolina ($2.63), Mississippi ($2.66) and Tennessee ($2.66) are paying the nation’s lowest averages for retail gasoline. The nation’s three most expensive markets – Hawaii ($3.96), Alaska ($3.59) and New York ($3.24) – are among those reporting savings over this same period, and for the second consecutive week no state has an average that is above the $4.00 per gallon mark.

Month-over-month comparisons show that drivers in every state and Washington, D.C are paying less to refuel their vehicles. West Coast and Rocky Mountain states are registering the largest drops in prices at the pump, led by California (-37 cents), Oregon (-34 cents), Montana (-31 cents) and Arizona (-30 cents). Consumers in 20 states and Washington, D.C. are saving a quarter or more per gallon versus one month ago, and those in every state but Iowa are enjoying double-digit discounts at the pump. The monthly discount in Iowa falls just short of this threshold at 9.97 cents.

 AAA Top Ten Largest Yearly Savings in Gas Prices November 17 2014

The most dramatic discounts are evident when comparing year-over-year averages. Drivers in every state and Washington, D.C. are paying less, and those in 47 states and D.C. are saving a dime or more per gallon when they refuel their vehicles. Averages are down by a quarter or more in 33 states and Washington, D.C., and motorists in Delaware (-42 cents), South Carolina (-42 cents) and California (-42 cents) are saving the most per gallon over this period.

Global prices for crude oil continue to fall, touching lows not seen since 2010. Market analysts continue to speculate on what action the Organization of Petroleum Exporting Countries (OPEC) will take during the upcoming meeting, scheduled for Nov 27. Should the cartel opt to cut production, the price at the pump for motorists could return higher. If OPEC instead chooses to maintain market share by leaving production unchanged, global oil prices could slide even further.  At the close of Friday’s formal trading on the NYMEX, WTI settled $1.61 higher at $75.82 per barrel.

 

 

Heather HunterAAA Encouraged that Automakers Have Taken Initial Steps to Address Consumer Concerns

WASHINGTON (Nov. 13, 2014) – AAA’s President and COO Marshall Doney issued the following statement today in response to proposed “privacy principles for vehicle technologies and services” developed by the automotive industry.

“AAA is encouraged that automakers are taking a first step to address consumer rights with connected car data, but this agreement falls short of providing consumers the right to control their own information. Today’s announcement follows in the footsteps of AAA’s Consumer Rights for Car Data, but we remain concerned that industry continues to prevent consumers from having access to a competitive choice of automotive services.

“New cars increasingly collect vast amounts of data that can be used to prevent breakdowns, reduce crashes and help drivers save both time and money. Consumers should benefit from market competition as these new services emerge, and no company should put unfair limits on consumer choice.

“AAA urges automakers to develop a clear framework in concert with industry experts, including consumer representatives like AAA, that guarantees that consumers can share car data with any trusted service provider of their choice. AAA will remain committed to ensuring consumers have real choice and are able to enjoy all the benefits that connected cars have to offer.”

AAA has worked with the Federal Trade Commission for more than a year to address consumers issues related to connected cars. AAA has provided specific recommendations to the FTC in response to the commission’s request for public comments, which followed up on the agency’s “Internet of Things” workshop.

As North America’s largest motoring and leisure travel organization, AAA provides more than 54 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at AAA.com.

Michael Green(WASHINGTON, November 10, 2014) The national average price of gas has dropped for 46 days in a row (a cumulative decline of 42 cents), which is the longest consecutive decline since 2008. Today’s national average for regular unleaded gasoline is $2.93 per gallon, which is the lowest price since Dec. 4, 2010. Motorists are paying a nickel less than one week ago, 29 cents less than one month ago and 26 cents less than one year ago.

Avg Gas Prices 2011-2014

The price at the pump has dropped 77 cents from the 2014 peak of $3.70 (April 28), which represents an estimated savings of more than $250 million each day for American motorists. A decrease in retail gasoline prices is often likened to a tax cut because it can inject billions of dollars in non-gasoline spending into the economy. Absent any unanticipated market-moving events this winter, the retail price for gasoline is expected to remain relatively low. As gasoline stations continue to adjust to falling oil prices in the global market, consumers are likely to experience the lowest Thanksgiving prices since 2009.

The average price at the pump is below the $3.00 per gallon threshold in more than half (27) of the states with consumers in South Carolina ($2.67), Tennessee ($2.70) and Mississippi ($2.71) paying the nation’s lowest prices. Although Hawaii ($3.99) continues post the highest average for retail gasoline, the state average fell below $4.00 per gallon for the first time since Jan. 9, 2014 on Saturday. Hawaii is followed by Alaska ($3.64), New York ($3.29) and Connecticut ($3.23) as the nation’s most expensive markets.

10 Most Expensive Avg Gas Prices-11.10

Week-over-week the average price for gasoline is down in 47 states and Washington, D.C. Drivers in Oklahoma (-15 cents), Minnesota (-14 cents) and North Dakota (-12 cents) are experiencing the largest savings over this period with drivers in 29 states and Washington, D.C. saving a nickel or more per gallon. The only exceptions to this trend are in Michigan (+3 cents), Kentucky (+1 cent) and Indiana (fractions of a penny) where prices have increased over this same seven day period.

The average price for gasoline across the country reflects savings in both month-over-month and year-over year comparisons. Discounts are in the double-digits in every state and Washington, D.C. over the past 30 days, including 34 states and Washington, D.C. where prices are down by a quarter or more per gallon. The largest monthly savings at the pump are seen on the West Coast: Oregon (-47 cents), Washington (-44 cents) and California (-40 cents).

Top10 Monthly Savings-11-10

The year-over-year declines have been led by California (-40 cents), Maine (-39 cents), Delaware (-38 cents) and Alabama (-37 cents). The price at the pump is down by a dime or more in 43 states and D.C., and consumers in every state but Nebraska (-3 cents) are saving at least a nickel over this same period.

Fueling the welcome decline in gas prices has been the multi-month drop in crude oil costs with prices for West Texas Intermediate down to a multi-year low of $77.19 per barrel last Tuesday, which compares to a 2014-high of more than $107 per barrel on June 20. Adding momentum to falling prices last week was an unexpected move by Saudi Arabia, the world’s largest oil exporter, to lower the price per barrel for crude sold to the United States. Market watchers are now focused on the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) with analysts paying close attention to how the cartel will respond to falling global prices. At the close of Friday’s formal trading on the NYMEX, WTI had recovered slightly to settle at $78.65 per barrel.

Michael Green Contact Tile(WASHINGTON, November 3, 2014) After a streak of 1,409 consecutive days of a national average above $3 per gallon, the price for regular unleaded gasoline fell to $2.99 per gallon on Saturday, which marked the first time the AAA indicator had fallen below that mark since December 22, 2010. Today’s price is six cents less than one week ago,  33 cents less than one month ago, and 28 cents less than the price consumers paid one year ago. Today’s national average, $2.98, is the lowest price paid since December 14, 2010 ($2.979).

National pump prices usually drop during the autumn season due to decreasing demand and the cost savings associated with producing winter-blend gasoline. However global oil prices have declined more than anticipated, as supply has outpaced demand, contributing to even greater savings at the pump for drivers. Barring an unexpected market-moving development this winter, motorists can expect to pay retail prices that are relatively low, and could see the price continue to tick downward even a little further as gasoline stations adjust to falling oil prices in the global market. AAA predicts the national average could fall another 5-15 cents in the coming weeks, which could make for the cheapest Thanksgiving gas in half a decade.

Avg Gas Prices 2011-2014

Averages in nearly half (23 states) of the country are currently below the $3 per gallon threshold. The nation’s least expensive market for retail gasoline, South Carolina ($2.72), is registering an average unseen by motorists in the state since May 2010. Hawaii ($4.04) continues to lead the market registering the nation’s most expensive average, and remains the only state with an average price above $4 per gallon. Drivers in New York ($3.35), Connecticut ($3.30) and California ($3.30) have seen averages in their states fall by a nickel or more over the last seven days, but continue to pay the highest prices at the pump in the continental United States.

10 least Expensive Avg Gas Prices-11-03-14

Over the last seven days, the price has ticked downward in 47 states and Washington, D.C. Drivers in Indiana (-15 cents), Michigan (-13 cents), Oregon (-10 cents) and Montana (-10 cents) are saving the most in the nation; and the price at the pump is discounted by at least a nickel in a total of 33 states and Washington, D.C., during this period. Contrary to this trend, consumers are paying fractions of a penny more at the pump in North Dakota, South Dakota and Ohio.

Month-over-month the average price for retail gasoline reflects double-digit savings in every state and the District of Columbia. Over this same period, consumers in 39 states and Washington, D.C. are experiencing some substantial “sticker delight” with savings of a quarter or more per gallon led by: Oregon (-53 cents), Washington (-50 cents), Georgia (-45 cents) and Kentucky (-41 cents). Year-over-year comparisons reflect a similar picture with drivers in every state experiencing savings at the pump. The average price to refuel is discounted by a dime or more in 41 states and Washington, D.C., with consumers in Tennessee (-39 cents), Alabama   (-38 cents), California (-38 cents), South Carolina (-37 cents), and Georgia (-37 cents) saving the most per gallon over this same period.

Top10 Yearly Savings-11-03-14

Abundant global oil production — particularly the substantial increases to U.S. production — continues to outweigh any concerns of possible supply disruptions due to geopolitical instability. This assessment has been validated by the price of crude dropping by approximately 25 percent since June at the same time as violence in Iraq and tensions in Eastern Europe have continued to grab headlines. Market participants continue to speculate about how the Organization of Petroleum Exporting Countries (OPEC) will respond to falling prices, and whether the cartel will agree to cut or sustain production. Iran and Kuwait recently indicated that a reduction in production was unlikely. However the world’s largest exporter of petroleum, Saudi Arabia, has yet to publicly comment on the subject. West Texas Intermediate (WTI) closed out last week down 58 cents to settle $80.54 per barrel at the close of Friday’s formal trading on the NYMEX. At last look, with no market-moving news over the weekend, WTI was trading slightly higher this morning.

Erin SteppAAA Foundation research finds driver fatigue to be serious, underreported impairment

WASHINGTON, D.C. (November 3, 2014) – According to new research from the AAA Foundation for Traffic Safety, more than one-in-five (21 percent) fatal crashes involve driver fatigue. These results help confirm what safety experts have long suspected:  the prevalence of drowsy driving is much greater than official statistics from the National Highway Traffic Safety Administration (NHTSA) currently indicate.  As daylight saving time ends and evening commutes darken, AAA urges drivers to recognize warning signs of driver fatigue and take action to avoid tragedy during this holiday season.

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“This new research further confirms that drowsy driving is a serious traffic safety problem,” warned Peter Kissinger, President and CEO of the AAA Foundation for Traffic Safety. “Unfortunately, drivers often underestimate this risk and overestimate their ability to combat drowsiness behind the wheel.”

The report also found that drowsy driving crashes, a mainstay in recent headlines, are not without consequence.  One third of crashes involving a drowsy driver result in injuries and more than 6,000 fatigue-related crashes each year result in at least one fatality.

Previous research from the AAA Foundation revealed that young adult drivers, ages 19-24, are the most likely to admit to driving while drowsy, with 33 percent reporting doing so in the last month.  In contrast, the oldest drivers (ages 75+) and the youngest (ages 16-18) were the least likely to report the same offense.

“Despite the fact that 95 percent of Americans deem it ‘unacceptable’ to drive when they are so tired that they have a hard time keeping their eyes open, more than 28 percent admit to doing so in the last month,” continued Kissinger. “Like other impairments, driving while drowsy is not without risk.”

AAA urges drivers to understand the warning signs of drowsy driving:

  • The inability to recall the last few miles traveled;
  • Having disconnected or wandering thoughts;
  • Having difficulty focusing or keeping your eyes open;
  • Feeling as though your head is very heavy;
  • Drifting out of your driving lane, perhaps driving on the rumble strips;
  • Yawning repeatedly;
  • Accidentally tailgating other vehicles;
  • Missing traffic signs.

When faced with fatigue, AAA urges drivers to find a safe place to pull over if experiencing any of the drowsy driving symptoms. To remain alert and be safer behind the wheel, AAA suggests:

  • Get plenty of sleep (at least seven hours), especially the night before a long drive;
  • Drive at times when you are normally awake;
  • Schedule a break every two hours or every 100 miles;
  • Avoid heavy foods;
  • Travel with an alert passenger and take turns driving;
  • Avoid medications that cause drowsiness or other impairment; and
  • Consult with a sleep specialist or other medical professional if you have trouble getting enough rest or are chronically fatigued.

The AAA Foundation for Traffic Safety’s Prevalence of Motor Vehicle Crashes Involving Drowsy Drivers report is based on the analysis of a representative sample of 14,268 crashes that occurred in years 2009 – 2013 in which at least one vehicle was towed from the scene.

AAA is highlighting the risks of drowsy driving in support of the National Sleep Foundation’s Drowsy Driving Prevention Week®, which runs November 2-9.  For more information about drowsy driving, visit the National Sleep Foundation’s drowsy driving website at www.DrowsyDriving.org.

Established by AAA in 1947, the AAA Foundation for Traffic Safety is a 501(c) (3) not-for-profit, publicly-supported charitable educational and research organization. Dedicated to saving lives and reducing injuries on our roads, the Foundation’s mission is to prevent crashes and save lives through research and education about traffic safety. The Foundation has funded over 200 research projects designed to discover the causes of traffic crashes, prevent them, and minimize injuries when they do occur.  Visit www.aaafoundation.org for more information on this and other research.

As North America’s largest motoring and leisure travel organization, AAA provides more than 54 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at AAA.com.

Michael Green

Longest Consecutive Streak to End with Drivers Saving at Least $250 Million per Day on Gasoline

WASHINGTON (Oct. 31, 2014) – The national average price of gas tomorrow will drop below $3.00 per gallon for the first time since Dec. 22, 2010, ending its longest streak ever above that price, according to AAA. AAA estimates that lower gas prices are helping consumers save at least $250 million per day on gasoline compared to early summer when the national average reached $3.68 per gallon.

“Consumers are experiencing ‘sticker delight’ as gas prices unexpectedly drop below $3.00 in much of the country,” said Bob Darbelnet, CEO of AAA. “Lower gas prices are a boon to the economy just in time for holiday travel and shopping.”

The national average price of gas has remained more expensive than $3.00 per gallon for 1,409 consecutive days. During that 46-month period, gas prices averaged $3.52 per gallon and reached as high as $3.98 per gallon on May 5, 2011.

More than 60 percent of all U.S. stations are selling gas for less than $3.00 per gallon today. Consumers can find at least one station selling gas for less than $3.00 per gallon in nearly every state. The drop below $3.00 per gallon is significant because about 40 percent of American adults believe that gasoline is “too high” when the price reaches that level, according to a AAA survey conducted in March.

“The steep decline in gas prices has helped to make driving less expensive for the vast majority of Americans who use their car every day,” continued Darbelnet. “Many Americans are spending $10-$20 less to fill up the cars on every trip to the gas station compared to what they paid during the summer driving season.”

AAA anticipates gasoline prices may continue to drop in the near term, but it is possible that prices in many areas will begin to stabilize soon. Unless there are unexpected developments, gasoline should remain relatively inexpensive this winter due to lower demand and typical seasonal trends. By spring, higher gas prices may return due to refinery maintenance, increased demand and a return to summer-blend gasoline.

“Paying less than $3.00 for gas is a welcome holiday gift that may not last nearly as long as many would hope,” continued Darbelnet. “It is possible that lower gas prices will soon be a faded memory, so enjoy it while you can. The days of paying more than $3.00 per gallon for gas have regrettably not gone away.”

Gas prices typically decline in the autumn due to decreased driving and the switchover to winter-blend gasoline, but prices have fallen faster than many expected this year due to sharply lower crude oil prices. The price of West Texas Intermediate crude oil has dropped more than $20 per barrel since late June due to strong production and concerns about the global economy, particularly in Europe and Asia. There also are reports that some OPEC nations, such as Saudi Arabia, would be willing to let prices fall to maintain a competitive market share.

Crude oil is the main cost associated with gasoline and represents about two-thirds of the price of a gallon of gas. It is estimated that every ten dollar per barrel change in the price of crude oil results in a 25-cent change in the price of a gallon of gasoline.

The least expensive prices primarily are in the Southeast and Central United States, which are regions that generally have lower gas taxes and have access to major refineries processing cheaper domestic crude oil. The most expensive prices are generally on the West Coast and in the Northeastern United States, yet even these regions are experiencing lower prices than recent years. Average state prices can be found on AAA’s Daily Fuel Gauge Report.

As North America’s largest motoring and leisure travel organization, AAA provides more than 54 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at AAA.com.

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