AAA Mid-Atlantic: nationally, gas prices continue to rise

Tightening supply combined with strong gasoline demand contributed to national pump prices moving higher over the past week. Year-over-year discounts persist due to crude oil prices remaining relatively low, but discounts are beginning to narrow and have closed to 41 cents per gallon versus this same date last year.

Monday’s  average price of $2.38 per gallon represents an increase of two cents per gallon since last week and 18 cents per gallon more than one month ago. Around the tri-state region, prices have remained stable, many dropping a penny in the last week.

Gasoline demand remains on target to reach unprecedented highs during this year’s summer driving season. The EIA’s weekly report showed that 200,000 more barrels of gasoline per day were supplied compared to the previous week. As drivers start taking summer road trips at a record-setting pace, the U.S. Department of Transportation’s (USDOT) Federal Highway Administration (FHWA) released a report citing U.S. driving reached 746 billion miles in the first three months of 2016, beating the previous record set last year.