The Week

Gas prices continue to increase as spring approaches. The statewide average for Maryland is one cent higher than last year’s average price for this date and climbs to levels not seen in four months. Since March 1, the average in Maryland has increased 18 cents.

Maryland’s average price today is even with national average at $2.53 per gallon. The statewide average is 13 cents higher than last week, 31 cents more than last month, and one cent higher than last year on this date.

Today’s national gas price average is $2.53, which is up seven cents in the last week, up 24 cents in the last month, and is equal to last year’s price.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $58.52 per barrel, $2.45higher than last Friday. Oil spent the first two days of this week in the $56 range, rising to over $58 for the rest of the week. The Energy Information Administration (EIA) reported that U.S. crude oil supplies unexpectedly dipped last week as did domestic crude production. A tightening crude supply could cause prices to increase however, prices were kept at bay when OPEC reported decreased production, well-below the group’s production cut agreement. News of the delay of a meeting between the U.S. and China also kept prices in check.

The Weekend

“Gas prices are on the upswing, as the national average has increased more than a quarter since the beginning of the year, lifting prices to levels not seen since late November,” says Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “A springtime jump in prices is typical with increased demand and the changeover to the more expensive summer blend gasoline in the coming weeks.”

The Week Ahead

Refiners continue to make summer blend gasoline ahead of the May 1 compliance date. Summer blend gasoline has a lower volatility than winter blend gasoline to limit evaporative emissions that normally increase with warm weather and cause unhealthy ground-level ozone. It costs more to produce the summer specific gasoline blend and refining costs can run five to 15 cents per gallon more for the summer grade blend compared with winter blend.

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

• Shell Fuel Rewards Program for AAA Members (AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.
• Fuel Price Finder(AAA.com/fuelfinder) locates the lowest fuel price in your area.
• Fuel Cost Calculator(FuelCostCalculator.AAA.com) helps budget travel expenses.
• TripTik Mobile(AAA.com/mobile) plots fuel prices along your travel route.
• AAA's Member Rewards Visa® Credit Card(AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.