AAA Travel Update: Gas Prices Remain Steady Over the Past Week

Average gas price may be near expected peak for the year

The national average price for regular unleaded gasoline has remained steady over the past week and continues to hover near at what many expect to be the highest average of the year. Today’s price of $2.75 per gallon is fractions of a penny higher than a week ago and is nine cents per gallon higher than one month ago. While pump prices across the country have increased since April, consumers are saving 90 cents per gallon compared to this same date last year.

Drivers are paying an average price of $2.76 per gallon today, up a penny over the price one week ago. Compared to a month ago, the average price is 13 cents higher, allowing drivers in the state to join the majority of drivers nationwide (49 states and Washington, DC) who are paying more per gallon than one month ago. The good news is drivers are still saving more than a dollar ($1.01) per gallon compared to last year.

Gas prices likely are poised for a seasonal decline given that refineries generally complete maintenance by this time of year and gear up production for the busy summer driving season. In addition, the cost of crude oil is unlikely to rise significantly in the near term given that OPEC decided not to cut production at its most recent meeting. Nevertheless, a number of factors could cause prices to inch higher during the summer driving season, such as geopolitical issues in the Middle East, unexpected problems at major refineries or a major hurricane that disrupts production, refining and distribution.

Ways to save at the pump:

AAA Fuel Cost Calculator: Using current gasoline prices from AAA’s daily Fuel Gauge Report, as well as the latest highway fuel economy ratings from the U.S. Environmental Protection Agency, the AAA Fuel Cost Calculator estimates the amount and cost of gasoline needed to complete a vacation trip.

AAA Mobile App: a free app for IPhone and Android users that shows gas prices at hundreds of locations across the country. Find out the current price at the pump at the next exit along the highway while traveling.