A surprise build in crude oil supply, a decrease in gasoline supply and a continued high demand for gasoline has prices in a volatile state. AAA expects gas prices to trend higher and remain unpredictable heading into the final weeks of the summer driving season.
Today’s national gas price average is $2.87, which is up a penny in the last week, unchanged since last month, yet 52 cents higher than this time last year.
“Motorists should expect gas prices to remain volatile and possibly trend higher in the weeks ahead of the Labor Day holiday,” said Tammy Arnette, Senior Public Affairs Specialist for AAA. “Regionally, prices are on the rise but are not at the point where drivers will cancel any final summer road trip plans.”
The tightening domestic crude supply, robust global gasoline demand and high global crude demand will likely sustain into the near future, leading to more expensive crude oil prices, which are $20 per barrel more compared to last year.