AAA: Gas prices below $2 across much of Mid-Atlantic

Gas prices across the Mid-Atlantic region continue to drop, and average prices in New Jersey, Virginia and Delaware are now below $2 per gallon.

Washington, D.C. ($2.39), and Pennsylvania ($2.25) have the most expensive averages in the region, though average prices in these regions remain substantially cheaper than a year ago.

The national average price for regular unleaded gasoline sits at $2.14 per gallon, which is the lowest mark since April and the lowest price for this date since 2004.

Today’s price is three cents less than one week ago, 15 cents less than one month ago, and 53 cents less than the same date last year.

“Gas prices are likely to remain low for the remainder of the summer compared to recent years,” said Martha Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “More than one-third of gas stations nationwide are selling gasoline for $2.00 per gallon or less, including those in Virginia, New Jersey and Delaware.”

Despite the lowest seasonal prices in 12 years, there’s always the possibility that unexpected events could trigger higher prices later this summer. For example, crude oil costs could rise due to disruptions in supply, stronger than expected economic growth or geopolitical tensions overseas. In addition, regional prices could increase due to refinery problems, production cuts, stronger than anticipated demand, or hurricanes that impact distribution and production.

Many analysts have predicted oil prices could drop even further later this year, which would likely lead to lower gas prices for consumers heading into the fall.