The Week

Drivers across Maryland saw gas prices dip this week, following more than a week of crude oil price fluctuation and geopolitical concerns between the U.S. and Iran. Crude oil inventories decreased but gasoline supplies, including those along the East coast, increased, allowing Maryland gas prices to fall six cents in the last week.

The gas price average in Maryland today is $2.48, which is down six cents in the last week, up three cents from last month, and up 26 cents from this date last year.

Today’s national gas price average is $2.56, down three cents in the last week, up a penny in the last month and up 32 cents from this time last year.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $58.54 per barrel, 50 cents lower than last Friday’s close. Oil prices remained under the $60 mark during the week but gained some steam Thursday as news of Senate approval of a trade agreement between the U.S., Mexico and China broke along with the signing of the U.S.-China trade deal (Wednesday), which could boost prospects for improved global economic growth and therefore, energy demand.

The Weekend

“Local drivers are enjoying cheaper prices at the pump, thanks to cooling tensions with Iran and a healthy level of gasoline stocks, both locally and nationally,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As long as supplies remain healthy and demand for gas is low, drivers should continue to see lower pump prices.”

The Week Ahead
In its latest Short-Term Energy Outlook, the Energy information Administration (EIA) expects WTI crude oil prices to average about $59.50 per barrel in 2020 and $62.50 in 2021, compared to a WTI average price of $56.65 per barrel in 2019. The EIA reports U.S. regular gasoline retail prices averaged $2.60 per gallon in 2019 and forecasts that they will average $2.63 per gallon in both 2020 and 2021. 

AAA has a variety of resources to help motorists save on fuel:

• Shell Fuel Rewards Program for AAA Members: (https://www.AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.

• Fuel Price Finder (https://www.AAA.com/fuelfinder) locates the lowest fuel price in your area. 

• AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses. 

• TripTik Mobile (https://www.aaa.com/mobile) plots fuel prices along your travel route. 

• AAA's Member Rewards Visa® Credit Card (https://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases. 

AAA is the most comprehensive resource for gas prices. AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.

Next Weekend Gas Watch: Friday, January 24, 2020

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AAA provides automotive, travel and insurance services to over 60 million members nationwide and nearly 988,000 members in Maryland.  AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years.  The not-for-profit, fully tax-paying member organization works on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel and track their roadside assistance service with the AAA Mobile app for iPhone, iPad and Android.  For more information, visit AAA.com.