Jenifer Moore
Public Affairs Specialist, OH
O: (513) 762-3105 ext. (5503105)
C: (513) 401-4911
jmoore1@aaa-alliedgroup.com
The Weekend
Independence Day weekend travelers have felt the pain at the pump with gas prices jumping five to 15 cents per gallon in recent weeks. Various factors – Ohio’s gas tax increase, increased crude oil prices, decreased supply, increased demand, and the permanent closure of the Philadelphia Energy Solutions (PES) refinery in Philadelphia, PA (the largest refinery on the East Coast) – have pushed gas prices higher.
“It’s typical to see increases at the pump ahead of holiday travel, but we may see prices continue to jump throughout the month due refinery interruptions on the East Coast, increasing demand and fluctuations in crude oil price,” said Jenifer Moore, AAA spokeswoman.
Today’s national gas price average is $2.75, up four cents in the last week, yet down 11 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
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07/05/19
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Week Ago
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Year Ago
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National
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$2.75
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$2.71
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$2.86
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Ohio
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$2.76
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$2.67
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$2.80
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Cincinnati
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$2.86
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$2.65
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$2.88
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Crude Oil
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$57.51 barrel (07/05/19)
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$58.47 per barrel (06/28/19)
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$73.80 barrel (07/06/18)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $57.51 per barrel, 96 cents lower than last Friday’s close. Oil prices are approximately the same as the settlement price three weeks ago on July 21 ($57.43). The U.S. and China trade deal will be top of mind in the coming week as talks resume between the two countries.
The Week Ahead
As record numbers of travelers – nearly 49 million total, 41.4 million traveling by car – return from the Independence Day holiday weekend, they will undoubtedly notice pump prices on the rise. The Philadelphia Energy Solutions (PES) refinery fire and subsequent closure continues to impact regional gas prices as solutions to backfill the void in refined fuel are identified. Peak summer driving season is upon us, and despite the recent uptick in gas prices, motorists continue to enjoy prices lower than this time last year.
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 (AAA.com/fuelfinder) locates the lowest fuel price in your area.
- Fuel Cost Calculator (FuelCostCalculator.AAA.com) helps budget travel expenses.
- TripTik Mobile (AAA.com/mobile) plots fuel prices along your travel route.
- AAA's Member Rewards Visa® Credit Card (AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.
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AAA provides automotive, travel, and insurance services to 59 million members nationwide and nearly two and a half million members in Ohio. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. AAA is a non-stock, non-profit corporation working 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 (AAA.com/mobile) for iPhone, iPad and Android. For more information, visit www.AAA.com.