AAA: Gas prices hit lowest point since Memorial Day

Gas prices fell a few pennies in most Mid-Atlantic states while Virginia gas prices remained relatively flat this week.  Nationally, prices this week reached the lowest point since Memorial Day when the national average was $2.97 per gallon. Gasoline demand also continues to remain strong as the summer travel season continues.

Today’s national gas price average is $2.86, which is up two cents in the last week, up one cent in the last month, and 55 cents higher than this time last year.

“Prices at the pump across most Mid-Atlantic states fell a few pennies over the last week, which is allowing consumers to enjoy some of the lowest prices at self-serve gas kiosks since the kickoff of the summer driving season on Memorial Day weekend when gas was averaging $2.97 a gallon nationwide,” said Tammy Arnette, Senior Public Affairs Specialist for AAA. “Consumer demand remains high as the summer continues, but gas price uncertainty still remains as prices over the past month have fluctuated.”

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $68.69 per barrel, down $1.77 from last Friday. Although the price of crude closed out last Friday at over $70, it has remained under $70 this week. Total crude oil inventories fell by 6.2 million bbl for the week ending July 20. The decrease is after an increase of nearly the same amount during the previous week. Strong global gasoline and crude oil demand combined with the tighter domestic crude supply will likely keep gas prices high through the summer and possibly the fall.

• Download the AAA Mobile App (http://www.aaa.com/mobile) plots and locates lowest fuel prices along your travel route.
• 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.
• AAA’s Member Rewards Visa® Credit Card (http://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.