Will the Price of Gas Dip Further?
The national average price of gas has held relatively steady over the past week and has declined on just one of the past four days. The national average price for regular unleaded gasoline is $2.12 per gallon, which is the lowest price for this date since 2004 and 26 cents below 2016’s peak price to date of $2.40 on June 11. Today’s price is one cent less than one week ago, 12 cents less than one month ago and 48 cents less than the same date last year.
Pump prices in the Mid-Atlantic and Northeast continue to drop at a steady rate, with prices across the region falling a couple of cents over the past week. Virginia gas prices has fallen 59 out of the past 60 days for a total of 29 cents per gallon and remains one of the lowest places in the country to buy gasoline at $1.91 per gallon. Today’s average price for gasoline in Virginia is two cents less than last week, 16 cents less than a month ago and 49 cents less than this same day last year.
“Virginia continues to be one of the lowest places to buy gasoline in the country,” said Tammy Arnette, Senior Public Affairs Specialist for AAA Mid-Atlantic. “Only five other states nationwide are selling gasoline for less than the average price in Virginia today, allowing road trip enthusiasts more money in their pocket for other activities.”
Abundant supplies of gasoline have contributed to starkly lower gas prices across the country during this summer driving season. However, the U.S. Department of Energy last week reported the largest gasoline supply decline since April (3.3 million barrels), which was enough to at least temporarily reverse the lengthy slide in pump prices over the past several days. Gas prices dropped in 38 states and Washington, D.C. in the past week, but were largely offset by increases in several Midwestern states. Despite a weekly increase in 12 states, prices remain lower in every state versus one year ago, including discounts of 75 cents or more in three Western states.
As of yesterday, some 44 percent of gas stations nationwide were selling gasoline for $2.00 per gallon or less, compared to fewer than one in 1,000 on this same date last year. Less than one percent of stations nationwide are selling gasoline for more than $3.00 per gallon, compared to 11 percent of stations one year ago.
With gasoline supplies high and oil prices low, pump prices are likely to remain relatively cheap through the remainder of the summer and into the fall. This comes even as U.S. drivers are on track to shatter the all-time record for total miles driven in a year. Provided the next month does not bring a major market-moving event, like a major hurricane or escalating geopolitical tensions overseas, pump prices are likely to remain at relatively low levels. It is even possible that the national average price of gas may dip below $2.00 per gallon after the summer driving season ends and refineries switch over to less expensive winter-blend gasoline on September 15.
REMINDER: You can find the LOWEST prices in the Alexandria, Virginia area 24/7 via our website.