The Week

Gas prices across the Washington metro area increased slightly this week as gasoline supplies, crude oil and demand for gasoline all dipped. The drop in gas and oil supplies could send prices higher while the drop in demand could keep that increase from being as high as it could be. The drop in motor fuel demand from coast to coast and beyond the continental United States is a function of the rising number of positive coronavirus cases in “41 states over the last two weeks.”

The gas price average in the District of Columbia is $2.34, unchanged in the last week, but still down 56 cents from a year ago. The gas price average in the Washington, D.C. metro area is $2.18, which is up a penny in the last week, but down 55 cents from this date last year.

Today’s national gas price average is $2.20, up a penny in the last week, up 10 cents in the last month and down 59 cents from this time last year. “Gasoline demand in the U.S., which had been climbing steadily in June as states with longer lockdowns began reopening, started to stall late in the month as COVID-19 cases surged in a number of states, including heavily populated California, Texas and Florida,” reports the Oil Price Information Service (OPIS), which supplies daily fuel price data to AAA.

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 $40.59 per barrel, four cents higher than last Friday’s close. Prices hovered between $40 and $42 this week, ending at a more than four-month high Wednesday ($41.20).

Domestic crude prices fell after the Energy Information Administration’s (EIA) weekly report revealed that total domestic crude inventories decreased. Decreasing crude stocks could mean that crude production is beginning to meet demand and could reduce price volatility, as coronavirus outbreaks continue to grow worldwide.

The Weekend

“Data shows gasoline demand and supply continue on a roller coaster ride,” John B. Townsend II, manager of Public and Government Affairs for AAA Mid-Atlantic. “As motorists react to unfolding COVID-19 information, we are seeing driving behaviors related to filling-up ebb and flow.”

The Week Ahead

According to new data from the Energy Information Administration (EIA), total domestic gasoline supplies decreased last week. As supplies tighten, prices could continue to rise, depending on demand. Last week, demand for gasoline fell slightly, following the Fourth of July holiday weekend.

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, July 24, 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