AAA: Gas prices holding steady

gas pricesAlthough gas prices have gone up slightly in some areas around the Mid-Atlantic region, the national gas average has remained relatively steady.

The national average price for regular unleaded gasoline is $2.13 per gallon today, which is 27 cents below 2016’s peak price to date of $2.40 on June 11. Today’s price is one cent more than one week ago, nine cents less than one month ago and 52 cents less than the same date last year.

“With gasoline supplies high and oil prices low, pump prices are likely to remain relatively cheap through the remainder of the summer and into the fall,” said Tammy Arnette, Public Affairs Specialist for AAA Mid-Atlantic.  “It is even possible that the national average price of gas may dip below $2.00 per gallon after the summer driving season ends and refineries switch over to less expensive winter-blend gasoline on September 15.”

Last week, some 44 percent of gas stations nationwide were selling gasoline for $2 per gallon or less. This comes even as U.S. drivers are on track to shatter the all-time record for total miles driven in a year.

The average for a gallon of regular unleaded held steady in Virginia this week, at $1.91 a gallon, down 35 cents from a year ago.

Provided the next month does not bring a major market-moving event, like a major hurricane or escalating geopolitical tensions overseas, pump prices are likely to remain at relatively low levels.  According to the Energy Information Administration, U.S. regular gasoline retail prices this summer (April through September) are forecast to average $2.19/gallon (gal), 6 cents/gallon lower than forecast and 44 cents/gallon lower than last summer. U.S. regular gasoline retail prices are forecast to average $2.06/gal in 2016 and $2.26/gal in 2017.

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