The Week

Since Monday, the national average for a gallon of regular gasoline has decreased by six cents to $1.78. The national gas price average has declined for nine straight weeks. After weeks of decreasing demand levels, crude and gasoline storage capacities are reaching their limits, meaning prices will continue to drop.

Today’s gas price average in the District of Columbia is $2.18, up three cents from last week and down 77 cents from last year on this date. Prices in the Washington, D.C. metro area are $1.98 today, down two cents from last week and down 80 cents from last year. The price in the metro area first dropped to $2 on April 15.

Today’s national gas price average is $1.78, down four cents in the last week, down 32 cents in the last month and down $1.08 from this time last year.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $16.94 per barrel, $1.33 lower than last Friday’s close. On Monday, WTI made history by settling in negative territory (-$37.63). The negative number was the result of the inability to find a place to store the massive oversupply of crude. Although crude rallied later in the week and has been trading in positive numbers again, crude prices are more than $45 lower than this time last year. The U.S. Energy Information Administration (EIA) reported Wednesday that U.S. crude inventories rose once again, marking a 13th straight weekly climb.

The Weekend

“Typically, April and May would see a peak for gas prices just ahead of the summer driving season but this year, with so much supply and so little demand, prices are likely to show just the opposite,” says John B. Townsend II, manager of Public and Government Affairs for AAA Mid-Atlantic. “The District saw an uptick in pump prices week-over-week. The Mayor and others are saying it seems there are lot more cars out there on the road. Despite the COVID-19 protocols and stay-at-home orders in place, the increase in traffic can also be measured in an uptick in gasoline demand, which increased week-over-week, the EIA reported. In fact, passenger vehicle travel increased in 38 states week-over-week, ‘compared to a 28-state increase the week earlier,’ Even so, ‘thirteen of those states saw travel increase by 3% or more.’ That’s according to the latest INRIX metadata on road traffic demand in the United States from the COVID-19 virus spread and our collective response.”

The Week Ahead

U.S. consumption of petroleum products has fallen to its lowest level in decades due to measures limiting travel and general economic slowdown induced by mitigation efforts for COVID-19. The U.S. EIA estimates the decline in petroleum product demand averaged 14.1 million barrels per day - the lowest level in EIA’s weekly data series, which dates back to the early 1990s. In 2019, the U.S. consumed an average of about 20.46 million barrels of petroleum products per day.

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

• Shell Fuel Rewards Program for AAA Members: (https://www.AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.

• Fuel Price Finder (https://www.AAA.com/fuelfinder) locates the lowest fuel price in your area. 

• AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses. 

• TripTik Mobile (https://www.aaa.com/mobile) plots fuel prices along your travel route. 

• AAA's Member Rewards Visa® Credit Card (https://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases. 

Next Weekend Gas Watch: Friday, May 1, 2020

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AAA provides automotive, travel and insurance services to 60 million members nationwide and nearly 82,000 members in the District of Columbia.  AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years.  The not-for-profit, fully tax-paying member organization works on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel and track their roadside assistance service with the AAA Mobile app for iPhone, iPad and Android. For more information, visit  https://aaa.com