The Week

Drivers in Washington, D.C. and in the metro area saw a three to five cent increase in pump prices in the week following Hurricane Barry’s landfall in the Gulf Coast. Crude oil prices decreased four days out of this week, down $4.58 since last Friday which, along with an increase in gasoline inventories, has helped to keep prices stable.

Today’s national gas price average is $2.78, up a penny in the last week, up 11 cents in the last month and down seven cents 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 $55.63 per barrel, $4.58 lower than last Friday’s close, dropping more than 7 percent in the last week. Crude prices tumbled this week amid expectations of increased supply from refineries and platforms in the Gulf of Mexico evacuated or shut down prior to Hurricane Barry’s landfall last week. Prices were also pushed lower by reports of talks between the U.S. and Iran. This week’s Energy Information Administration’s (EIA) weekly report showed a larger than expected draw in crude supplies but a large increase in gasoline inventories.

The Weekend

“An increase in gasoline inventories and a dip in the cost of crude has helped to keep gas prices stable on the East Coast,” says John B. Townsend II, manager of Public and Government Affairs for AAA Mid-Atlantic. “Imports shipped in response to the Philadelphia Energy Solution refinery explosion in June have helped to offset a sharp increase at the pump.”

The Week Ahead
In its Short-Term Energy Outlook (STEO) released last week the EIA noted the national regular gasoline retail prices averaged $2.72 per gallon in June, down 14 cents per gallon since May.  EIA expects monthly average gasoline prices peaked for the year in May at an average of $2.86 per gallon and expects the national retail price to average $$2.65 per gallon in 2019 and $2.76 per gallon in 2020. Furthermore, the EIA expects West Texas Intermediate (WTI) crude oil prices will average $62 per barrel in the second half of 2019 and $63 per barrel in 2020.

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. 

AAA is the most comprehensive resource for gas prices.  Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.

Next Weekend Gas Watch: Friday, July 26 2019

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AAA provides automotive, travel and insurance services to 58 million members nationwide and nearly 79,000 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