AAA: Prices at the Pump Remain at Five-Month Lows - WSLS 10 NBC in Roanoke/Lynchburg Va

AAA: Prices at the Pump Remain at Five-Month Lows

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ROANOKE, VA -

AAA says prices at the pump remain at five-month lows as 34.4 million Americans return from July Fourth holiday weekend travel. 

Gas prices dropped in many areas across the country last week as a projected 34.4 million Americans planned to travel 50 miles or more by car for the Independence Day holiday weekend. 

The national average price for regular unleaded gasoline dropped three cents this week to $3.48 per gallon Friday.  This is 14 cents lower than month ago prices, but remains 14 cents more than year ago prices.  The national average declined for 21 straight days through July 3, and 37 of the last 44 days.

 

 

7/7/13

Week Ago

Year Ago

National

$3.47

$3.49

$3.38

Virginia

$3.32

$3.36

$3.20

Charlottesville

$3.27

$3.31

$3.08

Norfolk Area

$3.35

$3.37

$3.23

Richmond

$3.29

$3.33

$3.21

Roanoke

$3.24

$3.28

$3.09

Crude Oil

$103.22 per barrel (at Friday's close)

$96.56 per barrel

$87.22 per barrel

 

In both 2011 and 2012 the national average reached a summer-low near today's date. In 2011, prices bottomed at $3.54 per gallon on June 30. In 2012, they bottomed at $3.33 on July 2.

The national average may continue to drift lower in the coming days; however, crude oil prices remain substantially higher than last year and are likely to limit the amount further that the national price will fall. 

Barring a decline in crude oil prices, gas prices may turn higher in July as the summer driving season ramps up, demand for gasoline increases and the hurricane season continues. The national average rose 17 cents per gallon in July 2011 and 16 cents in July 2012.

"Rising gasoline supplies have pushed average gas prices nationally below the psychologically important level of $3.50 per gallon just in time for one of the busiest travel periods of the year," said Martha M. Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic.  "While such relatively small savings are probably not worth celebrating, millions of Americans traveling this weekend will be relieved to save a little extra money, although the savings may not continue for long.  Looking ahead, gas prices may not drop too much further in July.  Increased crude oil prices, coupled with increased summertime demand and hurricane season could result in higher pump prices for motorists."

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