Gas prices in Virginia did an about-face this week, rising in some areas by three cents on the week compared to the relatively stable prices seen last week.
A surprise build in crude oil supply, a decrease in gasoline supply and a continued high demand for gasoline has prices in a volatile state. AAA expects gas prices to trend higher and remain unpredictable heading into the final weeks of the summer driving season.
Today’s national gas price average is $2.87, which is up a penny in the last week, unchanged since last month, yet 52 cents higher than this time last year.
“Motorists should expect gas prices to remain volatile and possibly trend higher in the weeks ahead of the Labor Day holiday,” said Tammy Arnette, Senior Public Affairs Specialist for AAA. “Regionally, prices are on the rise but are not at the point where drivers will cancel any final summer road trip plans.”
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $68.58 per barrel. A surprise build in crude oil supply kept crude prices below $70 for part of the week but a price increase took hold Thursday after a private report showed crude inventories at the Cushing, Oklahoma delivery hub dropped more than one million barrels in less than a week.
The tightening domestic crude supply, robust global gasoline demand and high global crude demand will likely sustain into the near future, leading to more expensive crude oil prices, which are $20 per barrel more compared to last year.
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.
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Chris Graham
