TOWSON, MD (November 12, 2018) – State gas price averages are as much as a nickel to 12 cents cheaper a gallon on the week in more than two-thirds of the country, with Maryland’s average declining eight cents.

As demand drops and the end of refinery maintenance season wraps-up, the national gas price average is $2.70 per gallon. That price is six cents less than last Monday, 21 cents less than last month and just 14 cents more than last year. In fact, the year-over-year price differential has not been this small since early January.

“Prices could plunge even lower, especially if we see a surge in gasoline production after refiners fully restart units from the fall maintenance season,” said Ragina Cooper Averella, AAA Mid-Atlantic’s Manager of Public and Government Affairs. “Also driving down pump prices is the fact that crude oil is selling under $65 per barrel, a rare sight this year.”

Today, 41 percent of gas stations nationwide, including in Maryland, are selling unleaded gasoline for $2.50 per gallon. In comparison, the majority of gas stations were selling gas for $2.51 or more at the start of summer during the Memorial Day holiday weekend.

Mid-Atlantic and Northeast Gasoline Prices and Supplies

November continues to bring gas price averages under $3.00 per gallon for every state in the Mid-Atlantic and Northeast region. Connecticut ($2.92), New York ($2.91), Washington, D.C. ($2.88) and Pennsylvania ($2.88) have the most expensive averages. Delaware ($2.35) carries the cheapest average in the region and the country this week.

Maryland’s average price is $2.54 per gallon, an eight cents decline from last week, a 30 cents drop from last month, and just a penny higher than the price last year on this date.

Despite refinery utilization being down two percent to 74.5, the Energy Information Administration (EIA) reports that gasoline stocks remain relatively stable at 64 million barrels. Overall, stocks are at a 12 million year-over-year surplus.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline 

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil decreased 48 cents to settle at $60.19 per barrel. Oil prices drifted lower this week, following the release of the EIA’s report that total domestic oil inventories grew by 5.8 million barrels last week. Inventories now sit at 431.8 million barrels, which is 25.3 million barrels less than inventories last year at this time.

Crude inventories have grown for seven consecutive weeks because of reduced refinery runs while the nation settles into the lower demand fall driving season. A new all-time high estimate in domestic crude production since EIA began publishing the data – 11.6 million barrels per day – also contributed to last week’s build in crude inventories. Moving into this week, crude prices may drop further if supply concerns remain reduced due to continued growth in inventories.

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

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

• AAA Gas Cost Calculator (GasPrices.AAA.com/AAA-gas-cost-calculator/) 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.

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AAA provides automotive, travel and insurance services to over 59 million members nationwide and more than 975,000 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.