AAA: Where were gas prices land?
The national average price for regular unleaded gasoline is $2.22 per gallon. Today’s price represents a decrease of two cents per gallon compared to one week ago, but is a penny more than last month. Drivers across the country are paying about the same per gallon year-over-year.
Prices continue to wobble as areas of the country impacted by Hurricane Matthew work to replenish supply and several refineries across the country address planned and unplanned facility maintenance.
“Mid-Atlantic prices at the pump have been on a carousel ride, up and down a penny or two each day this week,” says Tammy Arnette, Public Affairs Specialist for AAA Mid-Atlantic. “Crude oil reached a 2016 high this week, which can cause gas prices to inch upward, rather than their typical autumn decrease.”
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) closed up 51 cents from last week to settle at $50.85 per barrel. Oil prices settled at a 2016 high Wednesday($51.60/barrel) in response to the Energy Information Administration’s (EIA) weekly report showing crude oil inventories decreased by 5.2 million barrels. This marks the sixth week out of seven that domestic crude oil inventories have dropped.
Analysts are still awaiting details on a final agreement from the Organization of Petroleum Exporting Countries (OPEC) that will determine how oil production may be cut. While optimism has been felt, if and when a deal is struck at an official meeting in November, the oil market will continue to balance itself. Oil prices have fluctuated near $50 a barrel for more than two weeks amid the uncertainty about whether a consensus to reduce output can be reached.