The Week

Drivers are feeling the love as they fill up this Valentine’s Day. Many local prices dropped again this week as oil prices remain lower, gas inventories on the East Coast increase slightly and demand for gasoline stays at a typical lower wintertime level. Optimism over the possible peak of the coronavirus’ spread caused a spike in oil and gas prices earlier in the week, reaching some gas pumps in the area on Friday. However, until the international public health threat declines and China recovers from the virus’ impacts, crude prices are likely to remain lower.

Today’s national gas price average is $2.43, down a penny in the last week, down 14 cents in the last month and up 15 cents from this time last year.

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 $52.05 per barrel, $1.73 higher than last Friday’s close. The continued anxiety over the spread of the coronavirus is causing some bounces in crude oil prices. Settlement prices have dropped below the $50 mark three times in the last 10 days, but rebounded over $51 three days this week. Late this week, the International Energy Agency (IEA) said that quarterly worldwide oil demand will shrink for the first time in more than a decade, adding to concern over the global energy outlook.

The Weekend

“While many drivers saw a decrease at the pump for another week, prices may increase following market optimism earlier this week that the coronavirus had peaked,” says John B. Townsend II, manager of Public and Government Affairs for AAA Mid-Atlantic. “However, motorists may see fluctuation in gas prices as that optimism has since faded regarding the virus’ status.”

The Week Ahead

Tuesday’s massive fire at the ExxonMobil refinery in Baton Rouge, Louisiana, is unlikely to affect U.S. gasoline prices. Preliminary reports from Exxon say there is no impact to the gas terminal, which would mean no impact on gas prices. Many refineries undergo seasonal maintenance ahead of the busy summer driving season and the Exxon refinery had not been expected to run at 100 percent.

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.          

AAA is the most comprehensive resource for gas prices.  Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.

Next Weekend Gas Watch: Friday, February 21, 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