The Week

Nearly three weeks after attacks on major Saudi Arabian oil facilities and subsequent gas price spikes, local pump prices are showing signs of “falling” into seasonal declines. While prices in the District of Columbia are stable week-over-week, prices in the metro area are down by three cents on the week. A weekly crude oil decrease of $3.10 this week and an increase in crude oil supplies are helping to keep prices down. The national average increased a penny on the week, possibly caused by sharp increases in prices along the West coast.

Today’s national gas price average is $2.66, up a penny in the last week, up nine cents in the last month and down 25 cents from this time last year.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $52.81 per barrel, $3.10 lower than last Friday’s close. Crude prices dropped throughout the week, intensified by the Energy Information Administration’s (EIA) weekly report showing a build in oil supplies. Other factors, including concerns about global oversupply and lower demand, also kept prices lower. Next week’s planned meeting of U.S. and Chinese trade negotiators will be watched closely to see if the economic forecast improves, potentially giving oil prices a boost.

The Weekend

“In aftermath of the drone strikes on two major Saudi oil installations, we are seeing things more clearly now at the self-serve gas kiosk. Drivers in the District of Columbia and metro area are seeing signs of gas prices dropping,” says John B. Townsend II, manager of Public and Government Affairs for AAA Mid-Atlantic. “Lower crude oil prices and a slight increase in gasoline supply along the East coast have helped moved gas prices downward.”

The Week Ahead

As crude oil prices drop to levels seen prior to the Saudi Arabian oil facility attacks, motorists can expect to see gas prices follow suit. Local pump prices are likely to continue a downward trend, which is in line with seasonal expectations due to reduced demand and the (now complete) switchover to the less expensive winter blend gasoline.

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, October 11, 2019

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AAA provides automotive, travel and insurance services to 58 million members nationwide and nearly 79,000 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