Across the Mid-Atlantic region, gas prices have leveled off and many areas are seeing prices up to four cents less than this same date last week.
Today’s national average is $2.31, 3 cents less than last week and unchanged in than last month. The national average is down 47 cents per gallon versus this same date last year and the savings should continue as supply appears more than capable of keeping pace with growing demand.
“Gasoline demand remains on track to set a new all-time high for the 2016 summer driving season,” said Martha Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Locally, total gasoline inventories are reportedly healthy and pump prices should remain relatively steady in the region throughout the summer.”
Pump prices generally peak during the summer months, due to imbalances in supply and demand. Unlike many recent years, supply appears to be meeting the growing demand and as a result prices have held relatively steady and markedly lower than one year ago.
On the whole, refineries are keeping up with growing demand and the latest data from the U.S. EIA shows that the market is well supplied. Additionally, expectations of increased production from Western Canada and the U.S. are likely to keep global crude oil prices relatively lower.
At the close of Friday’s formal trading session on the NYMEX, WTI closed down 34 cents from last week to settle at $47.64 per barrel. WTI closing prices spent almost two weeks below $50, keeping crude relatively less expensive than recent years and contributing to direct savings at the pump.
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Chris Graham
