Posts Tagged ‘gas prices’

Gas Prices Fall to Lowest Price Since April

July 25th, 2016 by Jessica Souto

Michael Green Contact TileNational pump prices have fallen for 43 of the past 44 days, dropping 22 cents during this span. The national average price for regular unleaded gasoline sits at $2.16 per gallon, which is the lowest mark since April and the lowest price for this date since 2004. Today’s price is five cents less than one week ago, 15 cents less than one month ago, and 56 cents less than the same date last year.

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With abundant fuel supplies across the nation and declining crude oil costs, gas prices dropped in 47 states over the past week, led by double digit drops in several Midwestern states. Gas prices have dropped in 48 states during the previous month with prices down by at least 25 cents per gallon in Illinois, Ohio, Kentucky, Indiana, and Michigan. Prices are substantially lower than one year ago in every state, headlined by California, where prices are more than a dollar cheaper than this time last year.

Today’s most common price in the country is $1.999 per gallon, and more than one-third of gas stations nationwide are selling gasoline for $2.00 per gallon or less. This is substantially higher than the seven percent of stations at or below this threshold a month ago and the fractions of percent that broke this mark a year ago.

Gas prices are likely to remain low for the remainder of the summer compared to recent years. U.S. crude oil supplies are at their highest level for this time of year in 86 years, although domestic oil production has ticked lower each of the past nine months. While oil production has slowed slightly, fuel production has continued to rise. This is supported by data from the American Petroleum Institute, which last week reported fuel deliveries for June were three percent higher than 2015 and the highest number in nine years. Overall, domestic deliveries are 1.7 percent higher during the first half of 2016 than the same period last year, which is in line with AAA reports of travelers taking advantage of lower gas prices and hitting the roads in record numbers this year.

Despite the lowest seasonal prices in 12 years, it’s important to note the possibility that unexpected events could trigger 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.

Quick Stats

  • Gas prices in four more states have dropped below $2.00 per gallon over the past week, bringing the total to eleven states: South Carolina ($1.85), Missouri ($1.92), Tennessee ($1.93), Alabama ($1.93), Oklahoma ($1.94), Mississippi ($1.94), Arkansas ($1.95), Virginia ($1.97), New Jersey ($1.97), Kentucky ($1.99), and Louisiana ($1.99).
  • While gas prices are dropping on the West Coast, it continues to be the most expensive market for gasoline, including the only six states where drivers are paying more than $2.50 on average: Hawaii ($2.80), California ($2.80), Washington ($2.66), Alaska ($2.64), Oregon ($2.52), and Nevada ($2.51).
  • Less than one percent of U.S. stations is selling gas for more than $3.00 per gallon today compared to 14 percent on this date last year.

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West Coast

Gas prices on the West Coast remain the highest in the country. Fortunately for drivers in this region, prices are much less than a year ago: California (-$1.03), Alaska (-83 cents), Nevada (-75 cents), Oregon (-61 cents), Washington (-54 cents), and Hawaii (-51 cents). Last year, following a number of unexpected refinery issues in California, gas prices surged during the peak driving season across the region. This year there have been relatively few refinery issues, which has helped prices remain low versus a year ago.

Rockies

Gas prices in the Rocky Mountain region continue to be insulated from refinery issues and are among the most stable prices in the nation. Over the past week prices have moved by a penny or less in five states: Wyoming, North Dakota, Idaho, Utah, and Montana. Even over the past month, prices in these states have remained flat with prices dropping only a few cents per gallon over this span.

Great Lakes and Central States

As is often the case, gas prices in the Great Lakes region are the most volatile in the nation. At the moment drivers are enjoying this distinction, as prices are dropping on abundant supplies and limited disruption to production. This region includes the five states registering the largest declines in the nation over the past week: Indiana (-15 cents), Ohio (-12 cents), Michigan (-12 cents), Illinois (-10 cents), and Missouri (-8 cents). Midwestern declines are also featured in the top month-over-month comparisons, with every U.S. state that is posting a decline of 20 cents or more in this region: Illinois, Ohio, Kentucky, Indiana, Michigan, Wisconsin, and Missouri. On top of these weekly and monthly savings, drivers in the Central United States continues to pay some of the cheapest gas prices in the country with Oklahoma ($1.94), Tennessee ($1.93), and Missouri ($1.92) all featured in the top five cheapest state averages.

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Mid-Atlantic and Northeast

Gas prices across the Mid-Atlantic and Northeast continue to drop, and average prices in both Virginia and New Jersey are now below $2 per gallon and could be joined by Delaware before the week is over. Washington, D.C. ($2.42), New York ($2.36), Connecticut ($2.33), and Pennsylvania ($2.29) have the most expensive averages in the region, though average prices in these states are also substantially cheaper than a year ago.

South and Southeast

Gas prices in much of the South and Southeast remain near or below $2 per gallon. Motorists in South Carolina, Alabama, Mississippi, Arkansas, and Louisiana are already enjoying an average price below this threshold, and drivers in Georgia and Texas could join this list in the next several days. The bulk of America’s refining capacity is in the Southeastern United States, and abundant production should keep prices relatively low unless there is an unexpected disruption to supply, such as a major hurricane.

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Oil Market Dynamics

With domestic supplies at their highest seasonal levels in decades, a stronger U.S. dollar, and an uptick in the number of U.S. oil rigs, West Texas Intermediate crude oil is trading at its lowest price since early May. Many analysts have predicted oil prices could drop even further later this year, which would likely lead to lower gas prices for consumers heading into the fall. At the close of Friday’s formal trading session on the NYMEX, WTI was down 56 cents to settle at $44.19 per barrel.

Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Gas Prices Drop to 12-Year Low for July

July 18th, 2016 by Jessica Souto

Michael Green Contact TileThe national average for regular, unleaded gasoline has fallen for 35 out of 36 days to $2.21 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. Average prices are about 55 cents less than a year ago, which is motivating millions of Americans to take advantage of cheap gas by taking long road trips this summer.

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The best news for consumers is 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.

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.

Quick Stats

  • The national average price of gas is down a fraction of a cent for the day, three cents for the week, 13 cents for the month and 55 cents compared to a year ago.
  • Average gas prices are below $2 per gallon in seven states today including: South Carolina ($1.88), Mississippi ($1.97), Oklahoma ($1.97), Tennessee ($1.97), Alabama ($1.97), Arkansas ($1.98) and Missouri ($1.996).
  • The West Coast continues to be the most expensive market for gasoline, including the only six states in the nation where drivers are paying more than $2.50 on average: California ($2.85), Hawaii ($2.82), Washington ($2.67), Alaska ($2.65), Nevada ($2.55) and Oregon ($2.53).
  • Only 12 percent of U.S. stations are selling gas for more than $2.50 per gallon today.

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West Coast

Gas prices on the West Coast remain the highest in the country. Fortunately for consumers, West Coast prices are much less than a year ago, and drivers in California are saving more than $1 per gallon on average compared to that time: California (-$1.03), Alaska (-82 cents), Nevada (-71 cents), Oregon (-61 cents), Hawaii (-53 cents) and Washington (-53 cents). Last year, California refineries were suffering from a number of unexpected problems, which led to higher gas prices during the peak driving season. Refineries are running more smoothly this summer, which has helped prices remain cheaper than a year ago.

Rockies

Gas prices in the Rockies region have remained relatively stable over the past week with averages dropping by only two cents per gallon or less in states. Even over the past month, the region has experienced little change with prices generally moving only a few cents per gallon.

Great Lakes and Central States

This Great Lakes region has the only three states in the nation that have seen prices increase over the past week: Michigan (+$10 cents), Ohio (+9 cents) and Indiana (+2 cents). The Great Lakes is often the most volatile area in the country for gas prices, and it is not uncommon for prices to move significantly from day to day. At the moment, it looks like average prices are heading downwards yet again. Despite the recent increases, average prices in the region have posted among the largest drops in the country over the past month: Ohio (-36 cents), Illinois (-32 cents), Indiana (-31 cents), Michigan (-27 cents) and Wisconsin (-22 cents). The Central United States meanwhile continues to have some of the cheapest gas prices in the country with averages in both Oklahoma ($1.97) and Missouri ($1.996) below $2 per gallon.

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Mid-Atlantic and Northeast

Gas prices across much of the region continue to drop, and average prices in both Virginia and New Jersey likely will fall below $2 per gallon this week. Washington, D.C. ($2.47), New York ($2.38) and Connecticut ($2.36) have the most expensive averages in the region, though average prices generally are more than 50 cents per gallon cheaper than a year ago.

Gulf Coast and Southeast

Gas prices in many parts of the Southeast have recently dropped near or below $2 per gallon. In South Carolina for example, nearly 90 percent of gas stations are selling fuel for under $2 per gallon today. The bulk of America’s refining capacity is in the Southeastern United States, and abundant production should keep prices relatively low unless there is an unexpected event, such as a major hurricane.

Oil Market Dynamics

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 up 27 cents to settle at $45.95 per barrel. Prices this morning had headed lower and were briefly below $45 per barrel.

Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Gas Prices Extend Slide to 30 Days

July 11th, 2016 by Jessica Souto

Michael Green Contact TilePump prices have now fallen for 30 straight days—the longest streak since August/September of last year—and are at their lowest mark for this date since 2004. Today’s national average price for regular unleaded gasoline is $2.23 per gallon, which is four cents per gallon less than a week ago, fifteen cents less than a month ago and 53 cents less than one year ago. Prices for some drivers are even lower with some 25,000 gas stations (approximately a quarter of stations) nationwide now selling gasoline for less than $2.00.

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Gasoline prices are poised to continue their slide this week as both crude oil and wholesale gasoline prices turned lower last week. West Texas Intermediate and Brent crude were each down more than 7% last week, with WTI, the primary U.S. benchmark, falling from $48.99 to $45.41 (-7.9%) over the course of the holiday-shortened trading week. The price of oil currently reflects slightly more than half the price of gasoline at the pump, so lower oil prices are expected to result in lower retail gas prices for drivers. Additionally, the most recent Department of Energy report cited domestic gasoline production as just 100,000 barrels per day short of the all-time record, lending further momentum to falling prices.

While retail gas prices may continue to slide through the month of July, there are a number of factors that could cause prices to rise again. This includes an increase in the global price of crude oil due to disruption in supply, stronger than expected economic indicators or geopolitical tensions overseas; as well as domestic factors like refinery issues, production cuts due to lower prices, stronger than anticipated demand or hurricanes that impact distribution and production.

Quick Stats
• The West Coast remains the most expensive region to by gasoline in the country, led by California ($2.88), Hawaii ($2.83), Washington ($2.67), Alaska ($2.66) and Nevada ($2.57).
• The nation’s least expensive markets are South Carolina ($1.93), Oklahoma ($2.00) Mississippi ($2.00), Missouri ($2.01) and Alabama ($2.02).

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West Coast

As is often the case drivers on the West Coast continue to pay the most expensive gas prices in the nation; however, these same motorists are also experiencing the most substantial yearly savings at the pump. Each of the top-five largest year-over-year savings is in this region: Alaska (-81 cents), California (-71 cents), Nevada (-67 cents), Utah (-64 cents) and Oregon (-61 cents). While West Coast drivers are benefiting from these lofty discounts, these motorists are all too familiar with the impact of refinery glitches that could quickly reverse this trend. While gasoline supplies in the region remain comfortable, the Department of Energy did report a decline of 400,000 barrels to 27.9 million for the week ending July 1, in part credited to motorists filling their tanks in advance of travel for the July 4 holiday weekend. Regional production also increased during this same period, although not enough to offset the higher demand.

Rockies

Gas prices for motorists in the Rocky Mountain region have been among the most stable in the nation as supply and demand have kept prices largely in balance. This includes four states in the region among the top-five most stable over the past month: Wyoming (down fractions of a penny), Idaho (-1 cent), New Mexico (-1 cent) and Arizona (+2 cents).

Great Lakes and Central States

Drivers in the Great Lakes Region have been no stranger to dramatic fluctuations in the price they pay at the pump as regional refinery and distribution issues have regularly sent prices sharply higher only to drop again once the issue has been resolved. The past month has been no different and four states in the region top the list of largest declines: Ohio (-60 cents), Michigan (-50 cents), Indiana (-49 cents) and Illinois (-35 cents). While declines in Central States have not been as pronounced, they are still substantial with Missouri (-20 cents) and Tennessee (-17 cents) both ranking in the top-ten and Oklahoma (-16 cents) just missing the cut at number 11.

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Mid-Atlantic and Northeast

Pump prices in the Mid-Atlantic and Northeast have also seen prices fall over the past month, although the discounts registered have been substantially less severe than those in the Great Lakes region. Limiting some of the retail price decline in the region have been reports that refineries supplying the region are reducing production in the face of narrow profit margins. Lower production would be expected to exert some upward pressure on prices, although to date it has not been enough to offset the combined downward pressure from lower oil prices and few unexpected refinery issues.

Gulf Coast and Southeast

Drivers in the southeastern quadrant of the U.S. continue to enjoy some of the cheapest prices in the nation, due to the advantageous proximity to major Gulf Coast refineries and some of the lowest state gasoline taxes in the country. Five states in the region rank in the top-ten lowest prices nationwide: South Carolina ($1.93), Mississippi ($2.00), Alabama ($2.02), Arkansas ($2.02) and Louisiana ($2.05).

Oil Market Dynamics

Global oil prices have continued to sag thanks largely to indications of increased supply. This includes reports that June production by the Organization of Petroleum Exporting Countries rose to more than 32.5 million barrels per day, as Nigerian production ramped up following disruptions. While these reports have pressured global prices lower, the region remains volatile and an incident that impacts production or heightens geopolitical concerns could send prices higher again. At the close of Friday’s formal trading session on the NYMEX, WTI was up 27 cents to settle at $45.41 per barrel.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Michael Green Contact TilePump prices have now fallen for 24 straight days and registered their lowest price for yesterday’s Independence Day holiday since 2005. Today’s national average price for regular unleaded gasoline is $2.27 per gallon, which represents a savings of three cents per gallon on the week and nine cents per gallon on the month. Year-over-year drivers continue to benefit from noticeable discounts at the price to refuel their vehicles and prices are down 50 cents per gallon versus this same date last year.

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With a AAA-estimated record 43 million drivers hitting the road this Fourth of July holiday weekend, this year continues to see Americans hitting the road in record numbers. A rebounding economy and gas prices across the country that reflect substantial yearly savings are contributing to gasoline demand and vehicle miles traveled that are both on track to set all-time highs for 2016. Higher demand puts upward pressure on prices, as evidenced this spring when prices increased on 84 of 104 days beginning at the end of February and jumped more than 65 cents during this span. As is often the case leading up to the changeover from winter- to summer-blend gasoline, this year’s increase was exacerbated by regional refinery issues that sent prices temporarily higher in some markets. While prices may continue to slide through the month of July, further refinery issues, stronger than anticipated economic growth, geopolitical tensions overseas or hurricanes here at home that impact distribution and production all have the potential to reverse this trend and see prices again turn higher again.

Quick Stats

  • The West Coast continues to post the nation’s highest prices at the pump, led by: California ($2.91), Hawaii ($2.82), Washington ($2.67), Alaska ($2.65) and Nevada ($2.57).
  • The nation’s least expensive markets are: South Carolina ($1.96), Mississippi ($2.02), Alabama ($2.05), Arkansas ($2.05) and Oklahoma ($2.05).

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West Coast
Drivers on the West Coast continue to pay some of the most expensive prices in the nation, this includes market-leader California, where prices continue to inch back toward the $3 per gallon benchmark. Despite these high prices, drivers many of these same states are enjoying some of the most dramatic year-over-year declines in the country. Alaska (-82 cents) has the highest yearly discount, while Utah (-65 cents) Nevada (-63 cents), Oregon (-61 cents), Idaho (-57 cents) and Hawaii (-55 cents) all register in the top ten.

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Oil Market Dynamics

Global oil prices continue to point lower thanks largely to indications of increased supply. This includes the recent return of production from the Canadian Oil Sands and reports of strong output from OPEC member countries. Adding to this news over the weekend were reports that June production by OPEC had reached multi-year highs. This includes an increase in production in Nigeria where production reportedly increase by 150,000 barrels per day during the month. While these recent production reports have pointed to increased production the region remains volatile and an incident with the potential to impact production and send prices higher is always a consideration.

At the close of Friday’s formal trading session on the NYMEX, WTI was up 66 cents to settle at $48.99 per barrel; however, prices were trading sharply lower in pre-market trading this morning.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Michael Green Contact TilePump prices are holding relatively steady and remain at their lowest levels for this time of year since 2005. Today’s price of $2.31 per gallon represents a savings of three cents per gallon on the week and two cents per gallon on the month. Year-over-year drivers continue to benefit from noticeable discounts in the price to refuel their vehicles, and prices are down 47 cents per gallon versus this same date last year.

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This year’s summer driving season is likely to set new records for both gasoline demand and vehicle miles traveled, and the latest data from the U.S. EIA shows that gasoline demand is currently at an all-time high. Strong demand can put additional pressure on refineries, and their ability to sustain output and keep gasoline flowing to markets directly impacts the price consumers pay at the pump. However, refineries are reportedly increasing output and gasoline supply has more than kept pace with growing demand. In fact, the refinery utilization rates reached its highest level since April and gasoline inventories posted an increase in the face of these record numbers. Gas prices have fallen for 16 consecutive days, and if the market can remain adequately supplied drivers are likely to continue paying prices unseen for the summer months in more than a decade.

Quick Stats

  • The West Coast leads the market and is posting some of the nation’s highest prices at the pump, led by: California ($2.90), Hawaii ($2.79), Alaska ($2.66), Washington ($2.65) and Nevada ($2.55)
  • The nation’s least expensive markets are: South Carolina ($2.00), Mississippi ($2.06), Arkansas ($2.07), Alabama ($2.09) and Oklahoma ($2.09).

West Coast
Gas prices on the West Coast remain some of the highest in the nation, with nearly every state in the region represented in the rankings of the nation’s top 10 most expensive markets. Prices have moved higher on the week in almost every state in the region, and averages in the market’s leader California ($2.90) are within a dime of the $3 per gallon benchmark. Despite this trend of increasing averages, the region continues to lead the market posting some of the largest year-over-year savings, thanks to lower crude oil prices and comparatively more supply. Drivers in every state located in the region are saving at least 50 cents per gallon on the year, with the largest discounts in price experienced by drivers in Alaska (-80 cents), Nevada (-65 cents), Oregon (-62 cents) and Hawaii (-58 cents).

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According to the U.S. EIA, gasoline production on the West Coast is at a two-year high and refineries overall are keeping up with growing demand. Issues that could potentially impact the ability of refineries to continue to supply the market were reported late in the week, and pump prices may fluctuate in the near term as a result. A natural gas storage facility in Southern California was shut down due to a leak. Refineries rely on natural gas to produce transportation fuels, and this reduction could impact the region’s gasoline supply. Additionally, an intrastate crude oil pipeline that is connected to nearly every local crude oil production site and to six Los Angeles area refineries also reported a leak. The pipeline was already operating at a reduced rate when the spill was reported, and although clean-up, mitigation and recovery efforts are currently underway this too may also impact pump prices in the region.

Rockies
Pump prices are down on the week in the Rocky Mountain states and averages remain below the $2.50 per gallon benchmark. Consumers in Utah (-65 cents) are benefitting from yearly savings of more than 50 cents per gallon and gas prices are expected to hold relatively steady during the summer months.

Great Lakes
Drivers in the Great Lake states are experiencing a bit of relief at the pump, following a string of issues that caused prices to move noticeably higher in the region over the past few weeks. Illinois ($2.48) and Michigan ($2.46) are the only two states in the region ranked in the nation’s top 10 most expensive markets; however, averages in both states are down on the week. Gasoline supplies are reportedly recovering in the region, which is also home to states posting the nation’s largest weekly savings, led by: Indiana (-16 cents), Ohio (-16 cents), and Michigan (-13 cents).

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Mid-Atlantic and Northeast
Retail averages held relatively steady week-over-week in the Mid-Atlantic and Northeastern region, moving by +/- 2 cents per gallon over this period. Washington, D.C. ($2.55) is the only state located in this region with an average price above $2.50 per gallon and prices on the whole remain moderate. Consumers in Delaware (-53 cents), New York (-52 cents), Connecticut (-51 cents) and New Jersey (-50 cents) are all saving 50 cents or more per gallon year-over-year. Gasoline supplies fell on the week, but the market remains well supplied, and prices are expected to remain moderately priced this summer, barring any major disruptions in supply.

Southeast
Southeastern states continue to dominate the rankings of the nation’s least expensive markets for gas. South Carolina ($2.00) is the nation’s least expensive market for retail gasoline, is followed by regional neighbors Mississippi ($2.06), Arkansas ($2.07), and Alabama ($2.09) in the rankings. Gas prices have moved by +/- 3 cents per gallon in the region week-over-week and are expected to remain on the lower end of the spectrum in the near term. A wildcard for gas prices in the region is the Atlantic Hurricane Season. Prices could become volatile due to severe weather which could impact both production and distribution.

Central States
Oklahoma ($2.09), Tennessee ($2.10) and Missouri ($2.11) are ranked in the nation’s top 10 least expensive markets, and prices in the Central States are expected to remain relatively lower. On the whole, weekly and monthly price comparisons show that prices are holding steady and with a few exceptions have moved by +/- 2 cents per gallon over these periods.

Oil Market Dynamics
The United Kingdom’s decision to exit the European Union, also known as the “Brexit,” reportedly contributed to WTI closing out the week at its steepest one-day loss since October. The global oil market has been characterized by extreme oversupply for the better part of the year, but the tide appeared to be turning thanks to record gasoline demand from the U.S. and expectations that demand from other nations would also grow. The Brexit put a damper on these speculations because it contributed to the U.S. dollar gaining strength. A strong dollar makes crude oil more expensive for countries holding other currencies, which limits purchasing power, and could reduce global crude oil demand. The full impact of the Brexit remains unknown and both benchmarks opened the week trading lower.

At the close of Friday’s formal trading session on the NYMEX, WTI was down $2.47 and settled at $47.64 per barrel – this represents a loss of 34 cents per barrel on the week.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Michael Green Contact TileThe national average price of gas reached a new 2016 high over the weekend, and today’s average of $2.38 per gallon is the most expensive average since September 2015.  Gas prices have moved higher by two cents per gallon on the week and 16 cents per gallon on the month. Although pump prices have increased for 28 of the past 33 days, consumers continue to benefit from yearly savings and prices are down 42 cents per gallon compared to a year ago.

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The cost of crude oil has moved higher over the past few weeks, which has made gasoline more expensive to start the summer driving season. Crude oil prices have increased due to unexpected disruptions in places like Canada and Nigeria, while questions continue to mount over future production in Venezuela. Since early April, the cost of crude oil has increased by more than $13 per barrel to the highest levels since 2015. With all other factors being equal, a $1 per barrel change in the price of crude oil can increase gas prices by 2.4 cents per gallon. Prices may continue to fluctuate on the heels of news related to global oil supply and the U.S. dollar, which could have a major impact on what drivers pay for gasoline this summer.

Quick Stats

  • The nation’s top five most expensive markets are: California ($2.86), Michigan ($2.74), Hawaii ($2.73), Ohio ($2.68) and Alaska ($2.67).
  • The nation’s top five least expensive markets are: South Carolina ($2.08), Mississippi ($2.10), Arkansas ($2.12), New Jersey ($2.14) and Louisiana ($2.15).
  • Despite increasing for 28 of the past 33 days, the national average remains at its lowest price for this same date since 2005.
  • Gas prices in the Midwest are rivaling averages typically experienced by drivers on West Coast due to planned and unplanned refinery maintenance, combined with healthy demand for gasoline.

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West Coast

Retail averages on the West Coast are relatively steady and have moved by three cents or less over the past week. California ($2.86) is the nation’s most expensive market for retail gasoline, and regional neighbors Hawaii ($2.73) and Alaska ($2.67) are the only two states in the region also ranked in the nation’s top five most expensive markets. Consumers in the region continue to benefit from the largest yearly savings, with pump prices in nearly every state in the region discounted by more than 50 cents per gallon.  In fact, the largest year-over-year savings in the price of gas are seen in the West Coast states of: Nevada (-71 cents), Alaska (-71 cents) and California (-68 cents).

Conditions at the ExxonMobil Torrance, CA refinery are reportedly improving and two units previously offline are scheduled to be restarted this week. The latest data from the U.S. EIA points to gasoline inventories shrinking in the region, however, gasoline production is growing which could help balance the scale and keep gas prices relatively steady over the near term.

Great Lakes

Pump prices in the Great Lakes states continue to climb higher due to tightening supply and healthy demand for gasoline. Michigan ($2.74) is the nation’s second most expensive market for gas, and the Great Lakes states of Ohio ($2.68), Illinois ($2.66) and Indiana ($2.61) join in the rankings of the nation’s top 10 most expensive markets. The nation’s largest price increases over the past few weeks have occurred in states located in this region. Gas prices are up double digits in Michigan (+23 cents), Ohio (+21 cents), Illinois (+18 cents), Indiana (+17 cents) and Wisconsin (+13 cents) versus two weeks ago.

Headlining the supply challenges in the region is the recent shutdown of a segment of the West Shore pipeline, located in Wisconsin. This segment is reportedly undergoing repair and inspections and may be offline for several weeks while the work is being completed. Operational challenges are also being reported at Marathon’s Detroit, MI refinery and ExxonMobil’s Joliet, IL plant.

Despite these supply issues, refinery production has increased over the past few weeks, while supplies are still about nine percent higher than a year ago. In response to recent distribution issues, both Michigan and Wisconsin’s governors took action extending the hours that drivers transporting fuel are permitted to stay on the road. In the near term, gas prices may remain volatile with summertime driving fueling high demand.

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Central States

Pump prices in the region remain some of the cheapest nationwide with Oklahoma’s average at $2.15, Missouri at $2.19 and Kansas at $2.19 per gallon. Magellan is reporting that a segment of its pipeline, located in Kansas, was taken offline due to heavy rainfall, which caused a portion of the pipeline to be exposed. Service is likely to be suspended for several weeks while the pipeline undergoes repair. Supply in the region is reportedly ample and is believed to be capable of offsetting any shortages resulting from this incident.

 

Gulf Coast

Despite experiencing severe weather, which can sometimes cause prices to move higher due to supply disruptions, gas prices in the Gulf Coast remain relatively low. Every state in the region is represented in the nation’s top 10 least expensive markets, and Mississippi ($2.10), Arkansas ($2.12) and Louisiana ($2.15) are ranked in the nation’s top-five least expensive markets.

The Magellan Midstream Partner’s pipeline is reportedly under repair, following being shut down last week due to flooding in Texas. The pipeline delivers product to a number of markets in the region and its outage might impact regional fuel distribution. Gas prices in the region appear to be unaffected by the outage and are down on the week in every state located in the Gulf Coast. Best estimates suggest that the pipeline will return to operation before the end of the month, and in the interim the company is attempting to address any shortages by altering its delivery schedule.

Southeast

The Southeast is home to the nation’s least expensive market, South Carolina ($2.08). Tropical Storm Colin brought heavy rains and tropical-storm-force winds to the region last week, yet gas prices held steady over this period. Contrary to common expectations, with the exception of West Virginia (+ fractions of a penny), prices fell in every state located in the region week-over-week.

Oil Market Dynamics

After reaching new 2016 highs, crude oil prices retreated to close out the week due to news of a strengthening U.S. dollar and data showing an uptick in the number of U.S. drilling rigs in operation. Both benchmarks opened the week by extending this trend of sliding prices, as concerns of revived production out of the U.S. and global demand concerns begin to resurface. At the close of Friday’s formal trading session on the NYMEX, WTI closed down $1.49 and settled at $49.07 per barrel.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Michael Green Contact TileTightening supply combined with strong gasoline demand contributed to pump prices moving higher over the past week. Today’s average price of $2.36 per gallon represents an increase of four cents per gallon since last week’s Memorial Day Holiday, and drivers are paying 14 cents per gallon more than one month ago to refuel their vehicles. Year-over-year discounts persist due to crude oil prices remaining relatively low, but discounts are beginning to narrow and have closed to 40 cents per gallon versus this same date last year. Additional information about the price at the pump can be accessed on the newly released AAA Gas Prices website, which includes enhanced features and a fresh design.

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Drivers are taking to the roads at a record-setting pace, and gasoline demand remains on target to reach unprecedented highs during this year’s summer driving season. Gasoline production is reportedly keeping pace with growing demand, yet unexpected events with production or distribution could lead to higher prices given the fact that millions of Americans are taking road trips this month.

Quick Stats

  • The nation’s top five most expensive markets are: California ($2.83), Hawaii ($2.71), Alaska ($2.65), Washington ($2.62), and Michigan ($2.60).
  • The nation’s top five least expensive markets are: South Carolina ($2.10), Mississippi ($2.11), Arkansas ($2.13), Oklahoma ($2.13) and Texas ($2.15).
  • The national average moved higher for 25 of the past 26 days, for a total increase of 25 cents per gallon.
  • Today’s average is the lowest for this time of year since 2005.

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West Coast

A number of refineries in California are reporting challenges, including the newly restarted ExxonMobil Torrance, Calif. plant and Chevron’s El Segundo, Calif. refinery. Reduced gasoline production in the state has historically led to price spikes based on the region’s relative isolation from other markets and its unique fuel specifications, but ample supply in the region is appearing keep prices relatively steady on the week (+/- 3 cents).

States in the region continue to post some of the nation’s highest averages at the pump: California ($2.83), Hawaii ($2.71), Alaska ($2.65) and Washington ($2.62). Nevertheless, the region is doing much better than a year ago with prices at least 50 cents per gallon cheaper: California (-79 cents), Nevada (-76 cents), Alaska (-73 cents), Hawaii (-60 cents), Arizona (-56 cents) and Oregon (-53 cents).

Midwest

Fuel supplies have declined in the Midwest over the past month due to lingering refinery issues, and as a result, drivers in the region are paying some of the nation’s highest averages at the pump. Four of the nation’s top 10 most expensive markets are located in the region: Michigan ($2.60), Ohio ($2.60), Illinois ($2.53) and Indiana ($2.51). Meanwhile, drivers in Ohio (+12 cents), Michigan (+9 cents), Kentucky (+9 cents) and Indiana (+7 cents) have seen prices jump more than a nickel per gallon on the week. Additionally, the largest monthly increases in gas prices are seen in Ohio (+41 cents), Michigan (+38 cents) and Indiana (+33 cents), and drivers in every Midwestern state are paying at least a dime more per gallon over this same period.

Refineries in the Midwest have recently increased production to the highest rates since March, though output continues to lag behind last year’s levels. There is hope that the region might soon experience price relief if production continues to increase.

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Gulf Coast

On the whole, the Gulf Coast remains home to some of the nation’s lowest averages for retail gasoline. Three of the nation’s five least-expensive markets are located in the region: Mississippi ($2.11), Arkansas ($2.13) and Texas ($2.15). Unplanned refinery maintenance and severe weather are reportedly impacting pump prices in the region and prices moved higher on the week by a nickel or more in Texas (+6 cents) and Louisiana (+5 cents).

Pump prices in the region could fluctuate in the near term due to flooding in Texas, which prompted the closure Magellan Midstream Partner’s pipeline. This pipeline transports products from Gulf Coast refineries to distribution terminals located both in Texas and outside of the region, and is expected to be out of service for approximately two weeks. Supply in the region could be impacted due to its closure, and Magellan is reportedly looking for alternative supply options.

Oil Market Dynamics

Crude oil prices opened the week moving higher as geopolitical tensions in Nigeria threaten to disrupt the country’s production. The lower-than-expected U.S. job growth rate also contributed to expectations that the Fed would refrain from increasing its interest rate. This decision could weaken the U.S. dollar, which typically leads to higher oil prices. At the close of Friday’s formal trading session on the NYMEX, WTI closed down 55 cents to settle at $48.62 per barrel.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Michael Green Contact Tile( Washington, May 31, 2016) The 2016 summer driving season is officially underway and drivers are paying the lowest gas prices for this time of year in more than a decade. Gas prices for yesterday’s Memorial Day holiday were the cheapest since 2005 and were down 42 cents per gallon versus last year’s holiday. Today’s average price of $2.32 per gallon represents an increase of three cents per gallon on the week, and consumers are paying 11 cents more per gallon on the month.

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This year’s summer driving season is expected to be characterized by higher-than-normal gasoline demand, and demand remains on pace to test record levels reached in 2007. Refineries nationwide are working in preparation for what is likely to be record breaking season and if they are able to keep pace, pump prices should remain relatively lower.

A wildcard for gas prices in the coming months is the Atlantic Hurricane Season, which runs from June 1 – November 30. According to the National Oceanic and Atmospheric Administration’s Climate Prediction Center, this year’s season will likely be near normal, which means of the 10-16 named storms, four to eight could become hurricanes. Should any of these severe storms or hurricanes reach landfall, production, refining and distribution could be impacted. This can lead price spikes in regional markets along the coast and in areas that rely upon crude oil and refined product from these regions.

Quick Stats

  • The nation’s top five most expensive markets are: California ($2.81), Hawaii ($2.70), Alaska ($2.61), Washington ($2.60) and Washington, D.C. ($2.51).
  • The nation’s top five least expensive markets are: Mississippi ($2.09), Texas ($2.09), South Carolina ($2.10), Arkansas ($2.11) and Louisiana ($2.11).
  • Pump prices averaged $2.32 per gallon for Memorial Day, down 42 cents per gallon versus last year’s holiday.
  • Gas prices averaged $2.25 per gallon in May, which was 44 cents per gallon less than a year ago and the cheapest average for the month since 2005.

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West Coast

ExxonMobil’s Torrance, Calif. refinery has returned to production and is helping to balance regional gasoline supply with growing seasonal demand. Gasoline production in the region is reportedly at its second-highest level for the year, and pump prices on the West Coast have held relatively steady on the week (+/-3 cents). Total gasoline inventories in the region are characterized as unseasonably high and the market appears to be well supplied. As a result, the region is well-represented in the rankings of the top ten largest yearly savings led by: California (-88 cents), Nevada (-80 cents), Alaska (-70 cents), Hawaii (-61 cents) and Arizona (-60 cents).

California ($2.81) and Hawaii ($2.70) remain the nation’s two most expensive markets for retail gasoline, and four of the nation’s top five most expensive markets are also located in the region. Gas prices on the West Coast are generally more expensive due to higher costs associated with getting fuel to market and specific regulations designed to help improve air-quality.

Gulf Coast

The Gulf Coast remains home to the nation’s least expensive markets for retail gasoline, Mississippi ($2.09) and Texas ($2.09).  The region continues to weather the impacts of reduced production, due to a number of refineries conducting unplanned maintenance. The latest data from the U.S. EIA reflects a draw in gasoline stocks in the region, but inventories remain well over year-ago levels, and pump prices held relatively steady on the week (+/- 3 cents).

As the 2016 Atlantic Hurricane Season gets underway, attention will be focused on this region because it is home to over 45 percent of the U.S.’s total petroleum refining capacity. Severe weather can disrupt operations in this region, which can lead to shortages in supply, and historically we have seen this lead to spikes in the price at the pump nationwide.

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Midwest

The Midwest is posting the nation’s largest decline in gasoline inventories, which fell for the 15th week straight to 2016 lows. In advance of the Memorial Day Holiday, Michigan’s Governor Rick Snyder issued a state of emergency to address potential supply concerns attributed to an outage at Marathon’s Detroit refinery, and supply is described as tight throughout the region. A number of refineries in the region are also reporting challenges, and reduced production, combined with sustained demand, are believed to be behind prices moving noticeably higher in the region.

Gas prices in Michigan ($2.50) and Illinois ($2.48) join in the rankings as the nation’s top 10 most expensive markets, and Indiana (+8 cents), Iowa (+6 cents) and Illinois (+6 cents) are posting the nation’s largest increases in the price of gasoline on the week. Prices are up by a dime or more per gallon in nearly every Midwestern state versus one month ago, and the refinery utilization rate in the region remains the second-lowest nationwide.  Pump prices may remain volatile in the coming weeks as long as refineries issues continue.

East Coast

Gasoline stocks reached their highest level on record for this time of year, imports to the region are also robust and the market is expected to remain well supplied in the near term.  The Northeast is showing the largest year-over-year growth in vehicle miles traveled, followed by the South Atlantic region. This growth in demand appears to be offset by the region’s abundant supply, which should help keep a lid on prices as we enter the busy summer driving season.

Oil Market Dynamics

Over the past week both global crude oil benchmarks, Brent and West Texas Intermediate, exceeded the $50 per barrel threshold due to expectations of tightening supply. The wildfires in the Canadian Oil Sands and geopolitical tensions in Nigeria and Libya helped to boost the price. Crude oil is also reportedly gaining strength on a weakening U.S. dollar which makes oil less expensive for countries holding other currencies. Attention is now focused on OPEC’s next meeting, scheduled for June 2, though the cartel may continue its current course of action and refrain from cutting production to help balance the market.

At the close of Friday’s formal trading session on the NYMEX, WTI closed down 15 cents to settle at $49.33 per barrel.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Michael Green Contact Tile(WASHINGTON, May 23, 2016) Gas prices are at their highest point for the year as we approach the Memorial Day holiday, and the national average has increased for 12 days in a row. Today’s average of $2.28 per gallon is up six cents per gallon on the week and 15 cents per gallon on the month. Despite this increase, drivers remain on target to pay the lowest prices for the Memorial Day holiday since 2005. AAA projects more than 38 million Americans will travel this Memorial Day weekend, which is an increase of 700,000 compared to a year ago. That is the second-highest Memorial Day travel volume on record and the most since 2005. Nearly 34 million (89 percent) holiday travelers will drive to their Memorial Day destinations, an increase of 2.1 percent over last year.

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Quick Stats

  • The nation’s top five most expensive markets are: California ($2.80), Hawaii ($2.66), Washington ($2.59), Alaska ($2.58) and Nevada ($2.49).
  • The nation’s top five least expensive markets are: Mississippi ($2.05), South Carolina ($2.06), Arkansas ($2.06), Texas ($2.07) and Missouri ($2.07).
  • For the first time since August 2015, drivers in every state and Washington, D.C. are paying averages above $2 per gallon.

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West Coast

California ($2.80) and Hawaii ($2.66) are the two most expensive states in the nation, but prices have remained relatively steady over the past week. Gasoline inventories are posting a surplus in comparison to last year and gasoline production in the region is also on par with year-ago levels.  As a result, drivers in the region are benefitting from some of the nation’s largest yearly savings in the price at the pump. The West Coast states of California (-97 cents), Nevada (-82 cents), Alaska (-69 cents), Arizona (-63 cents) and Hawaii (-63 cents) lead the nation and are posting the largest year-over-year discounts in the price of gas.

Gulf Coast

Drivers in Gulf Coast states continue to pay some of the nation’s least expensive prices at the pump.  Mississippi ($2.05) is the nation’s cheapest state, and six of the nation’s top 10 least expensive markets are also located in this region. Consumers in the Gulf Coast have seen prices climb higher on the week with every state posting an increase of a nickel or more per gallon at the pump. Gas prices are reportedly responding to a number of refineries in the region going offline to conduct unplanned maintenance, including Marathon’s Galveston Bay, Texas plant, which is one of the country’s largest and most complex refineries. Despite the region’s production challenges, the market remains well supplied with gasoline and prices are expected to remain relatively low.

Midwest

Regional gasoline inventories decreased for the 14th consecutive week. Interruptions in crude oil deliveries to refineries in the Midwest, due to fires in the Canadian Oil Sands, are challenging the ability of the local market to meet growing demand. Pump prices continue to swing in the region and the Midwestern states of Ohio (+13 cents), Michigan (+13 cents) and Indiana (+11 cents) lead the nation, posting the largest week-over-week increases in the price of gas. Minnesota (+23 cents), Michigan (+21 cents), Wisconsin (+20 cents) and Ohio (+20 cents) rank in the nation’s top 10 largest monthly increases, and every state in the region is posting double-digit increases over this time period.

Planned and unplanned refinery maintenance is also causing prices to fluctuate in the region. Output at BP’s Whiting, Indiana plant and the BP-Husky plant in Toledo, Ohio are expected to be limited for the next few weeks. Growing gasoline demand within the region, combined with supply challenges, are likely to contribute to prices remaining volatile leading into the summer driving season.

East Coast

One of the largest refineries on the East Coast, the Philadelphia Energy Solutions refinery complex, experienced a fire Friday afternoon. The extent of the damage is still being assessed, and regardless of any downtime associated with this incident, prices in the region are expected to remain relatively steady due to the abundant supply of gasoline and inventories in the New York Harbor region.

Oil Market Dynamics

Global crude oil prices recently moved higher due to unexpected declines in oil production in various parts of the world, such as Canada and Nigeria. This rally was short lived and the market once again reflected a bearish sentiment following reports of a strengthening U.S. dollar and questionable global demand. The United States’ role as swing producer is also garnering attention, with domestic production falling to its lowest levels since September 2014. Market watchers are paying close attention to how domestic producers are responding to changes in the global price of crude and the impact of their actions on the global oil prices.  At the close of Friday’s formal trading session on the NYMEX, WTI closed out the week down 41 cents to settle at $47.75 per barrel.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Julie HallThe great American road trip is back; Memorial Day travel volume will be second-highest on record

ORLANDO, Fla. (May 19, 2016) – AAA projects more than 38 million Americans will travel this Memorial Day weekend. That is the second-highest Memorial Day travel volume on record and the most since 2005. Spurred by the lowest gas prices in more than a decade, about 700,000 more people will travel compared to last year. The Memorial Day holiday travel period is defined as Thursday, May 26 to Monday, May 30.

Additional Resources

“Americans are eagerly awaiting the start of summer and are ready to travel in numbers not seen in more than a decade,” said Marshall Doney, AAA President and CEO. “The great American road trip is officially back thanks to low gas prices, and millions of people from coast to coast are ready to kick off summer with a Memorial Day getaway.”

AAA estimates that Americans have saved more than $15 billion on gas so far this year compared to the same period in 2015, and prices are at the lowest levels in 11 years. The strong labor market and rising personal income are also motivating people to travel for Memorial Day this year.

Low gas prices driving increase in auto travel this Memorial Day

Nearly 34 million (89 percent) holiday travelers will drive to their Memorial Day destinations, an increase of 2.1 percent over last year as a result of lower gas prices. Air travel is expected to increase 1.6 percent over last year, with 2.6 million Americans taking to the skies this Memorial Day. Travel by other modes of transportation, including cruises, trains and buses, will fall 2.3 percent, to 1.6 million travelers.

Lowest Memorial Day gas prices in 11 years expected

The national average price for a gallon of gasoline today is $2.26, 45 cents less than last year. AAA expects most U.S. drivers will pay the lowest Memorial Day gas prices since 2005. According to a recent AAA survey, 55 percent of Americans say they are more likely to take a road trip this year due to lower gas prices.

Airfares, hotel and car rental rates

According to AAA’s Leisure Travel Index, average airfares for the top 40 domestic flight routes will be 26 percent cheaper this Memorial Day, with an average roundtrip ticket costing $165. Hotel costs are in line with last Memorial Day. AAA Three Diamond Rated hotels will average $183, while a AAA Two Diamond Rated hotel will average $151 nightly. Daily car rental rates will average $62, three percent less than last year.

AAA to rescue more than 350,000 motorists this Memorial Day

AAA expects to rescue more than 350,000 motorists during the Memorial Day holiday travel period, with the primary reasons being dead batteries, lockouts and flat tires. AAA recommends motorists check the condition of their battery and tires before heading out on a road trip. Also, have vehicles inspected by a trusted repair shop, such as one of the nearly 7,000 AAA Approved Auto Repair facilities across North America. Members can download the AAA Mobile app, visit AAA.com or call 1-800-AAA-HELP to request roadside assistance.

Memorial Day travelers heading to warm weather destinations & cities

Many Memorial Day travelers will head to warm weather destinations and historic American cities to kick off their summer travels. The top destinations this Memorial Day weekend, based on AAA.com and AAA travel agency sales, are:

  1. Orlando
  2. Myrtle Beach
  3. Washington, D.C.
  4. New York
  5. Miami
  6. San Francisco
  7. Boston
  8. Honolulu
  9. Los Angeles
  10. South Padre Island

Download the AAA Mobile app before a Memorial Day getaway

Before setting out for Memorial Day, download the free AAA Mobile app for iPhone, iPad and Android. Travelers can use the app to map a route, find lowest gas prices, access exclusive member discounts, make travel arrangements, request AAA roadside assistance, find AAA Approved Auto Repair facilities and more. Learn more at AAA.com/mobile.

With the AAA Mobile app, travelers can also find more than 58,000 AAA Approved and Diamond Rated hotels and restaurants via TripTik Travel Planner. AAA’s is the only rating system that uses full-time, professionally trained evaluators to inspect each property on an annual basis. Every AAA Approved establishment offers the assurance of acceptable cleanliness, comfort and hospitality, and ratings of One to Five Diamonds help travelers find the right match for amenities and services.

AAA’s projections are based on economic forecasting and research by IHS Global Insight. The Colorado-based business information provider teamed with AAA in 2009 to jointly analyze travel trends during major holidays. AAA has been reporting on holiday travel trends for more than two decades. The complete AAA/IHS Global Insight 2016 Memorial Day holiday travel forecast can be found here.

As North America’s largest motoring and leisure travel organization, AAA provides more than 56 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. Motorists can map a route, identify gas prices, find discounts, book a hotel and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. AAA clubs can be visited on the Internet at AAA.com.

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