Across the country and around the Mid-Atlantic region, gas prices continue their slow decline ahead of the Independence Day holiday weekend, a time when increased demand typically bumps up the cost of gas. Many areas continue to see declines up to six cents from the week before.
Today’s national average price for a gallon of regular gasoline is $2.27, three cents less than one week ago, 10 cents less than one month ago and four cents less than one year ago. While gasoline demand saw new heights for Memorial Day, it has dropped for the first half of June.
“Even as summer gasoline demand grew in previous weeks, it’s no match for the rise in crude oil supply,” said Tammy Arnette, Senior Public Affairs Specialist for AAA Mid-Atlantic. “Motorists stand to benefit from what could be historically low gas prices just in time for the Independence Day holiday weekend.
At the close of NYMEX trading Friday, WTI crude oil decreased $1.73 on the week to settle at $43.01. The Energy information Administration (EIA) reported crude inventories and gasoline stockpiles fell, but noted that petroleum in storage was plentiful and that gasoline was above the upper limit of the average range for this time of year. Until global crude inventories decline, the price per barrel will likely remain below $50.
Tropical Storm Cindy made landfall along the coast of Louisiana Thursday. Some reports are finding around one-sixth of the Gulf of Mexico’s oil production has been shut in which could affect oil and gas imports and exports in the coming week.
The summer driving season continues with the upcoming July Fourth holiday weekend. AAA is forecasting a record-breaking 44.2 million Americans will travel 50 miles or more away from home, a 2.9 percent increase over 2016 and 1.25 million more travelers than last year. Of those planning to travel, 37.5 million will drive to their destinations, an increase of 2.9 percent over last year.
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Chris Graham
