The Week

Maryland drivers saw a slight bump in prices this week as gasoline supplies for the Northeastern region of the U.S. dropped and demand for gasoline remained robust. The national average also increased by a penny in the last week. AAA expects that gas prices should slowly decline once gasoline supplies grow and demand decreases.

The gas price average in Maryland today is $2.47, which is up one cent in the last week, down seven cents in the last month and is 28 cents lower than on this date last year.

Today’s national gas price average is $2.65, up a penny in the last week, unchanged in the last month and down 21 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 $53.78 per barrel, 92 cents lower than last Friday’s close. This week’s Energy Information Administration (EIA) report showed a build in crude oil supplies, a trend seen for the past five weeks. The buildup in U.S. stockpiles comes amid broader concerns of slowing global demand, as trade tensions between the U.S. and China continue to take a toll on the global economy. Crude prices finished higher Thursday, following the news of a cease-fire pact in Syria, temporarily easing Middle East tensions.

The Weekend

“Local pump prices, along with the national gas average, saw a slight bump this week as gasoline demand remained higher but supply drifted lower,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Pump prices will likely continue to creep up until supply grows or demand declines, which is likely to happen as motorists in the region settle into the fall driving season.  In the meantime, Marylanders are experiencing savings year over year, as regional gas prices are anywhere from 21 to 29 cents per gallon cheaper than this time last year.”

The Week Ahead

Tropical Storm Nestor is forecast to bring heavy rains and strong winds to the Florida panhandle and southeastern U.S. this evening and weekend. Its effects on Gulf Coast refining and production is unknown at this time, however, any interruption in either capacity could affect gas prices. Should the severe weather cause power outages and road closures, it could lead to delivery disruptions to local gas stations in the southeastern U.S.

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, October 25, 2019

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AAA provides automotive, travel and insurance services to over 60 million members nationwide and more than 986,000 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.