The national gas price average today is $2.54, which is three cents cheaper than last week, and a penny less than last month.
Gas prices edged cheaper in the last week as gasoline stocks grew, measuring at 258 million barrels – a stock level not recorded by the Energy Information Administration (EIA) in nearly a year.
Virginia’s average today is $2.34, a price that is three cents cheaper than one week ago but 30 cents higher than one year ago.
“Motorists across the country are paying less to fill-up as U.S. gasoline supply outpaces demand this winter,” said Martha Meade, spokesperson for AAA Mid-Atlantic. “Typically, we see cheaper gas prices this time of year as motorists generally drive less.”
With a 600,000 barrel build, regional gasoline stocks sit at 65.2 million barrels. Gasoline stocks have been steadily building since mid-November during which time regional refinery utilization has mostly held above 67 percent, paving the way for cheaper gas prices for the region.
At the close of Friday’s formal trading session on the NYMEX, WTI increased by two cents to settle at $58.54. Crude prices fell last week after new data showed that China’s economy, the world’s second largest, grew by 6.1 percent in 2019. It is the country’s slowest expansion in 29 years. The slower-than-expected growth rate has increased market concerns that global crude demand may decline this year. If those concerns continue into this week, crude prices could decrease again.
In related news, EIA’s weekly report that showed total domestic crude inventories decreased by 2.5 million barrels. The current crude stock level, 428.5 million barrels, is 8.5 million barrels lower than the level at this same time last year.
AAA has a variety of resources to help motorists save on fuel:
- AAA Shell Gas Discount: (http://www.AAA.com/
Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program. - Fuel Price Finder (http://www.AAA.com/
fuelfinder) locates the lowest fuel price in your area. - AAA Gas Cost Calculator (http://gasprices.
aaa.com/aaa-gas-cost- calculator/) helps budget travel expenses. - TripTik Mobile (http://www.aaa.com/
mobile) plots fuel prices along your travel route. - AAA’s Member Rewards Visa® Credit Card (http://www.AAA.com/
financial/AAAvisa.htm) accumulates double points on fuel purchases.
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Chris Graham
