AAA: Gas prices starting to drop with plunge in crude

Mid-Atlantic drivers saw slight movement in gas prices following the Memorial Day holiday, as prices stabilized and even began to drop to start the month of June.  This development comes as crude oil prices fell following some of the highest prices in three years.  Today’s national gas price average is $2.95, which is down two cents in the last week, up 13 cents in the last month and 57 cents higher than this time last year.

“Crude oil prices have started to fall following some of the highest prices seen in three years,” said Tammy Arnette, senior public affairs specialist for AAA Mid-Atlantic. “If this trend continues, drivers may start to see some relief at the pump.”

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $65.81 per barrel, down $2.07 from last Friday. Oil prices began heading lower right before Memorial Day, remaining below $70 per barrel all this week, based on reports that OPEC, Russia and several other oil producing nations could soon curtail their deal to decrease output.  Analysts believe the drop in crude prices this week was offset by slight increases in supplies of gasoline.

Hurricane season began June 1 (through November 30) and is predicted to be near-average with 14 named storms, of which six would become hurricanes. Of the six predicted hurricanes, two are expected to spin into major hurricanes (category 3, 4 or 5 ) with sustained wind speeds of 111 mph or greater. Meteorologists say there’s a 51 percent chance of a major hurricane landfall somewhere along the U.S. coastline. Gas prices reached their highest levels of 2017 following damage and disruption to oil and gas refineries along the Gulf Coast caused by Hurricane Harvey last September.  Any such disruption would send crude oil, and in turn gasoline, prices higher almost instantly.

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.