The Week

As states continue to reopen, local drivers are seeing another week of increases at the pump. Gas price averages for the District of Columbia and Washington, D.C. metro area have all gone up by at least five cents in the last week. Despite consistent increases at the pump, prices are still significantly cheaper year-over-year as local drivers are paying at least 60 cents less than last year.

Traffic across the USA rose to 88% of normal, for the week ending June 5, as compared to pre-pandemic levels. In contrast, travel volume declined five percent in the Washington metro area during the week ending June 5, compared to the previous week, according to data from INRIX.

“Washington, DC: 30% (35% last week),” according to INRIX data.

Today’s national gas price average is $2.09, up respectively nine cents in the last week and 24 cents in the last month, but down 63 cents from this time last year. The Washington metro area was listed among the regions that saw the largest reductions in travel in week 11, according to INRIX’s weekly review of changes in road traffic demand in the United States from the COVID-19 virus spread.

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 $36.26 per barrel, $3.29 lower than last Friday’s close. The price of crude oil dropped more than $3 Thursday, following a weekly increase in U.S. inventories, evidence of climbing COVID-19 cases and a murky economic outlook from the Federal Reserve. Prices had been on the upswing earlier in the week, boosted by the news that OPEC+ countries had agreed to extend oil production cuts into at least July.

The Weekend

“Overall, personal travel last week  (Week 12) increased in 89 of the 98 metropolitan areas INRIX tracks. However, the Washington metro area saw a decline in vehicle miles of travel during the week ending June 5, compared to the previous week,” said John B. Townsend II, manager of Public and Government Affairs for AAA Mid-Atlantic. “As crude oil prices and gasoline demand rise, local drivers will see gas prices increase, which is typical during the summer driving season. However, gas prices will be cheaper than last summer. As our region continues to reopen and pump prices increase, drivers are still paying at least 60 cents per gallon less than this time last year.”

The Week Ahead

According to the Energy Information Administration’s (EIA) Short Term Energy Outlook, reduced economic activity related to the COVID-19 pandemic has caused changes and uncertainties in energy supply and demand patterns in 2020. The forecast for rising crude oil prices reflects expected declines in global oil inventories during the second half of 2020 and through 2021.

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, June 19, 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