The Week

The free fall in local pump prices may be coming to an end as re-opening begins in many states means more demand for gas. While prices in the District of Columbia and metro area have shown little movement, if at all, in the last week, enough states across the country have seen price increases, pushing the national gas prices average up by five cents since last Friday.

Today’s gas price average in the District of Columbia is $2.16, down two cents in the last week and down 78 cents from last year on this date. Prices in the Washington, D.C. metro area are $1.95 today, down one cent from last week and down 84 cents from last year. The price in the metro area first dropped to $2 on April 15.

Today’s national gas price average is $1.82, up five cents in the last week, down eight cents in the last month and down $1.06 from this time last year. 

Gasoline demand and gasoline sales appear to be increasing across the nation as 31 states reopen their economies. That will be tempered by the fact that the nation’s unemployment rate skyrocketed to 14.7%, the highest jobless rate since the Great Depression. The economy discarded 20.5 million jobs in April. The slight uptick in the sale of gasoline of recent days is a matter of “compared to what?” A point of reference is Easter weekend across the country, for instance, when sales hit a nadir or rock bottom. “Veteran supply people tell OPIS that Easter Sunday might have been the lowest sales’ day since the 1960s.”

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 $24.74 per barrel, $4.96 higher than last Friday’s close. Throughout the week, oil settlements remained above $20 per barrel. Crude prices gained some steam this week, as the market continued to believe crude demand will increase as more states re-open businesses. However, global crude demand is expected to remain low due to COVID-19, tempering price increases.

The Weekend

“Despite some pump price volatility, most area drivers continue to pay about 80 cents less per gallon for gasoline than one year ago,” says John B. Townsend II, manager of Public and Government Affairs for AAA Mid-Atlantic. “As some states begin to re-open businesses, those states will likely see demand increase, with pump prices following suit.”

The Week Ahead

The Energy Information Administration (EIA) released new data that showed increasing demand for gasoline. The boost in demand continues to push pump prices up around the country, as more states re-open businesses. Gasoline demand is expected to continue to grow, leading pump prices to continue their increase through the weekend and into next week.

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 15, 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