Summer driving season starts with gas at 11-year low
With the summer driving season now underway, drivers are paying the lowest gas prices for this time of year in 11 years, says the American Automoible Association (AAA.) At a national average of $2.32 per gallon, prices were down 42 cents from a year ago. At $2.51, the Washington, DC, market is among the five most expensive in the country.
This yearês summer driving season is expected to see higher-than-normal gasoline demand, and demand remains on pace to test record levels set in 2007. If refineries are able to keep pace with what is likely to be a record-breaking season, pump prices should remain relatively lower.
One wild card is the Atlantic hurricane season, which runs from June 1 to November 30. The National Oceanic and Atmospheric Administration says this yearês season will likely be near normal, which means of the 10 to 16 named storms, four to eight could become hurricanes. If any of these severe storms or hurricans reaches landfall, production, refining and distribution could be set back and prices could spike.Download Bulletin PDF