AAA: Gas prices back on the rise?

Drivers throughout the Mid-Atlantic saw gas prices take an upward tick in the last week.  Across the region, prices have increased slightly, rising by at least a penny in many areas around Virginia.

Today’s national gas price average is $2.88, which is up a penny in the last week, down two cents in the last month, yet 63 cents higher than this time last year.

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $71.01 per barrel, down $2.79 from last Friday. The decline in oil prices follows a huge drop in crude oil stocks putting a continued spotlight on tightening U.S. supplies, which are likely to continue dropping as domestic demand for gasoline holds strong while crude and gasoline exports from the U.S. remain robust. If these trends continue amid high global crude demand, oil prices may continue riding high and contribute to increased pump prices throughout the summer and possibly into the fall.

“Demand for gasoline this summer remains very strong, driving gas prices higher alongside rising crude prices, which is unwelcome news for motorists,” said Tammy Arnette, senior public affairs specialist for AAA Mid-Atlantic. “Fortunately, domestic gasoline production remains strong, which should help prevent major swings in summer gas prices. However, pump prices will jump if a major hurricane threatens refineries along the Gulf Coast.”

The Energy Information Administration (EIA) reports U.S. regular gasoline retail prices averaged $2.89 a gallon in June, down one cent from the average in May. EIA expects that 2018 monthly average gasoline prices peaked in May and forecasts prices to decline gradually in the coming months to an average of $2.83 a gallon in September. In addition, EIA expects regular gasoline retail prices to average $2.76 a gallon in 2018 and $2.77 a gallon in 2019.

AAA has a variety of resources to help motorists save on fuel:

• 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.