Gas prices around the Mid-Atlantic region have remained relatively flat during and immediately following the second Colonial Pipeline disruption in as many months.
Colonial Pipeline’s Line 1 operations were restored last Sunday after more than a week of downtime following a deadly explosion October 31.
The national average price for gasoline has dropped compared to one week ago. Today’s average price for regular unleaded gasoline is $2.17 per gallon, which is five cents less than one week ago, eight cents less compared to one month ago and two cents less year over year.
“Thankfully, drivers in the Mid-Atlantic region saw very little movement in gas prices this past week,” says Tammy Arnette, Public Affairs Specialist for AAA Mid-Atlantic. “In fact, drivers are able to fill up their tanks for under $2 per gallon at some stations in Virginia. Barring any unforeseen events that could impact production or distribution, gas prices should drop even further in the weeks ahead.”
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) closed down 66 cents from last week to settle at $43.41 per barrel. The Energy Information Administration (EIA) reports crude oil inventories increased by 2.4 million barrels (to a total of 485 million barrels) which is 30.2 million barrels above last year. Continued negotiations amongst OPEC and non-OPEC members are also weighing on the oil market. The Secretary-General of OPEC announced earlier this week that the group was still committed to developing an output deal to cut oil production, but no formal agreement has been reached. Traders will keep a close eye on the Colonial Line 1 restart and upcoming OPEC meetings.
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Chris Graham
