ROANOKE (WSLS 10) -The national average for regular, unleaded gasoline has fallen to $2.17 per gallon and sits at the lowest mark for this time of year since 2004. Gas prices continue to drop in most parts of the country due to abundant fuel supplies and declining crude oil costs.
According to AAA Mid-Atlantic, gas prices across much of the region continue to drop, and average prices in both Virginia ($1.97) and New Jersey ($1.98) have dropped below $2 per gallon this week. Washington, D.C. remains one of the most expensive areas in the region to buy gasoline at $2.44 per gallon on average, yet discounted by 44 cents compared to last year.
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CURRENT AND PAST GAS PRICE AVERAGES
| 7/24/16 | Week Ago 7/17/16 | Year Ago 7/24/15 | |
| National | $2.17 | $2.21 | $2.73 |
| Virginia | $1.97 | $2.01 | $2.51 |
| Charlottesville | $1.98 | $2.00 | $2.48 |
| Norfolk Area | $1.91 | $1.96 | $2.57 |
| Richmond | $1.95 | $1.99 | $2.50 |
| Roanoke | $1.98 | $2.01 | $2.44 |
| Crude Oil | $44.19Â per barrel |
(Friday 7/15/16 close)
(7/22/15)
WTI oil prices have dipped below $45 per barrel over the past couple of weeks to the lowest levels since late April. Oil continues to drop due to the potential for steady production and abundant supplies. Many analysts have predicted that oil prices could drop even further later this year, which would likely lead to lower gas prices. At the close of Friday's formal trading session on the NYMEX, WTI was down 56 cents to settle at $44.19 per barrel.
As far as the weekend, Martha Mitchell Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic says gas prices will stay low which will benefit those looking for a weekend getaway.
"Lower gas prices are a bonus for drivers anytime of the year and even more so for those planning a summer road trip this season," Meade said.
According to AAA Mid-Atlantic, gas prices likely will remain relatively low compared to recent years for the remainder of the summer. U.S. crude oil supplies are about 13 percent higher than a year ago, while gasoline stocks have increased to 240 million barrels as refineries produce significant quantities of fuel. This is the highest ever mark for gasoline supplies during the month of July, according to Department of Energy records.
Despite paying the lowest seasonal prices in 12 years, there is always the possibility that unexpected events could lead to higher prices later this summer. For example, crude oil costs could rise due to disruptions in supply, stronger than expected economic growth or geopolitical tensions overseas. In addition, regional prices could increase due to refinery problems, production cuts, stronger than anticipated demand or hurricanes that impact distribution and production.