AAA: Gas prices all over the map

Throughout the Mid-Atlantic region, gas prices can’t seem to make up their mind. Some areas are down on the week, while others are up or relatively flat.

Crude oil prices declined through the first half of the week which could be contributing to the drop in prices, while gasoline inventories in the area are on the rise as refinery rates increase.

Today’s national average price for regular unleaded gasoline is $2.34 per gallon, which is down a penny on the week, six cents more than one month ago, and 19 cents more than last year.

“Last-minute summer road-trippers are getting a break at the pump in many areas in the Mid-Atlantic,” said Tammy Arnette, Senior Public Affairs Specialist for AAA Mid-Atlantic.  “Gas prices could continue to ride the roller coaster or hold steady as U.S. crude inventories head down and gasoline inventories head up.”

At the close of NYMEX trading Friday, WTI crude oil decreased 31 cents on the week to settle at $48.51. Domestic crude supplies fell by 8.9 million barrels for the week ending August 11, reinforcing the attempts to rebalance the global oil market. However, high oil production numbers, taking U.S. crude output to its highest in more than two years, have diminished the effect of the drop.

At a meeting in Abu Dhabi last week with OPEC and non-OPEC producers – all members of a pact that has agreed to cut production by 1.8 million barrels per day until March 2018 – the group decided to take action, including curtailing exports, to comply more fully with the agreement. If those measures meet full success, it will likely lead to higher prices at the pump.