AAA: Gas prices on summer see-saw

Gas prices in some Mid-Atlantic regions shifted into reverse over the last seven days, but barely.

At the start of the week, prices seemed to be on the same path they have been for the last few weeks with increases of a few cents over the week before. Mid-week, some areas in Virginia began to drop in price but varied over the weekend.

“Drivers filling up their tanks in the Mid-Atlantic region may be getting mixed signals as summer winds down,” said Tammy Arnette, Senior Public Affairs Specialist  for AAA Mid-Atlantic.  “Gas prices could see-saw or hold steady as U.S. crude inventories head down and gasoline inventories likely head up.”

Although crude oil inventories have fallen, gasoline inventories have risen, possibly contributing to the decline in some areas.

Today’s national average price for regular unleaded gasoline is $2.35 per gallon, which is the same as it was last week, nine cents more than one month ago, and 22 cents more than at the same time last year.

At the close of NYMEX trading Friday, WTI crude oil decreased 76 cents on the week to settle at $48.82. U.S. crude oil inventories fell by 6.5 million barrels while gasoline inventories rose 3.4 million barrels in the week ended Aug. 4, according to the Energy Information Administration (EIA). U.S. crude inventories, which have steadily dropped from record highs the past few months, could start rising again with the summer driving season coming to an end.

According to the EIA, U.S. regular gasoline retail prices averaged $2.30 per gallon in July, down five cents per gallon from the average in June but six cents per gallon higher than in July 2016. During the April-through-September summer driving season of 2017, U.S. regular gasoline retail prices are forecast to average $2.37 per gallon.

Current Gas Price Averages