Gas prices continue to dip at the pump: AAA

Drivers filling up for a warm-weather road trip found gas prices continuing to dip this week as the price of crude oil strayed very little from last Friday’s closing price. The U.S. Energy Information Administration (EIA) reported an unexpected increase in crude oil supplies as well as an increase in East Coast gasoline stocks, giving drivers a continued break at the pump.

Today’s national gas price average is $2.92, which is down three cents in the last week, up eight cents in the last month and 58 cents higher than this time last year.

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $65.74 per barrel, down seven cents from last Friday. Crude settled at its lowest rate in almost two months Wednesday then set a one-week high Thursday. Despite the recent ups and downs of crude pricing, it remains almost $18 higher than just one year ago. The EIA reports crude supplies climbed 2.1 million barrels as total domestic crude production rose to a fresh weekly record of 10.8 million barrels a day.

“Crude oil prices have settled under $70 per barrel since Memorial Day weekend giving many drivers a bit of a break as they fill up,” said Tammy Arnette, senior public affairs specialist for AAA Mid-Atlantic. “However, despite falling crude oil prices gas prices are not likely to drop more significantly this summer.”

AAA is expecting the 2018 summer driving season to cost drivers $225 to $250 more than last summer while the demand for gasoline stays consistent. The national average for a gallon of unleaded gasoline is predicted to fall somewhere between $2.90 and $3.10 during the season as long as there are no excessive outside factors including a recession, a major hurricane hitting the Gulf Coast or additional geopolitical issues.

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

• Fuel Price Finder (www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
• AAA Gas Cost Calculator (gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses.
• TripTik Mobile (www.aaa.com/mobile) plots fuel prices along your travel route.
• AAA’s Member Rewards Visa® Credit Card (www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.