For the week ending Friday, July 22, 2016, gasoline prices are continuing a downward trend due to ample fuel supplies and the declining costs of crude oil. AAA reports that gas prices have once again dropped below $2 per gallon in many parts of the country, which is something that drivers have not seen during the summer in more than a decade. About 1 in 4 U.S. stations are selling gas for less than $2 per gallon today, and consumers can find at least one station selling gas for less than $2 per gallon in 36 states.
This is good news for consumers across most of the U.S. AAA’s current update on the three most common grades of gasoline and diesel fuel prices show that today’s average prices are $0.44 to $0.57 less than this time last year:
Current Avg One-Year Ago Avg
Regular $2.170 $2.740
Mid-Grade $2.448 $2.976
Premium $2.688 $3.174
Diesel $2.342 $2.786
Source: AAA, July 22, 2016
These cheaper gasoline and diesel prices are proving to be a nice motivator for millions of American motorists who may be considering adding an extra trip or extended stay to their travel plans for the remainder of this summer.
With the first six months of this calendar year behind us, it’s a good time to get an update on the price of crude oil in the market place. NYMEX reported its end-of-day commodity futures price quote for a barrel of West Texas Intermediate (WTI) on Friday, July 22, 2016, at $44.21.
Our last discussion on crude oil prices for this post was back on December 7, 2015, Crude Oil Less Than Distilled Water for 2015 Holiday Season. At the time reported, a barrel of WTI was trading for $37.86. Although WTI ended the week trading around $45 per barrel, most folks who work in the energy sector or own energy company stocks are not thrilled. The dog days of summer have definitely settled upon the energy sector as a glut of products continue to depress prices.
While I can’t predict when crude oil prices will rebound, we can all continue to enjoy driving across the U.S. of A!