The Week

While the nationwide gas price average increased by a penny this week, Maryland’s average cost dropped a few pennies. Nationally and in Maryland, gas averages dropped to the lowest point since Memorial Day when the national average was $2.97 per gallon and $2.99 in Maryland.

Today’s national gas price average is $2.86 per gallon, which is down one cent in the last week, up one cent in the last month, yet 57 cents higher than this time last year.

Maryland’s average is six cents lower than the national average at $2.80 per gallon, which is three cents less than last week and unchanged from last month, but 52 cents more than last year on this date. With the exception of Hagerstown, prices in many regions across Maryland continue to trend downward this week. Of the state’s metro areas surveyed, Salisbury experienced the largest weekly drop of six cents per gallon.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $69.61 per barrel, virtually flat from last week. Although the price of crude closed out last Friday at over $70 per barrel, it has remained under $70 this week.

Total crude oil inventories fell by 6.2 million barrels for the week ending July 20, according to the latest Energy Information Administration (EIA) report. The decrease is after an increase of nearly the same amount during the previous week. Crude stocks now total 404.9 million barrels, which is nearly 80 million barrels lower than inventory levels at this time last year.  

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Prices across most of Maryland fell a few pennies over the last week, which is allowing drivers to enjoy some of the lowest prices since the kick-off of the summer driving season on Memorial Day weekend when the state average was $2.99 per gallon,” said Christine Sarames Delise, Senior Public Affairs Specialist for AAA Mid-Atlantic. “However, due to many factors, gas price uncertainty will continue for the balance of the summer.”

The Week Ahead

Strong global gasoline and crude oil demand combined with the tighter domestic crude supply will likely keep gas prices high through the summer and possibly the fall. However, gas prices have the potential to stabilize if crude oil demand and supply stay consistent, and barring any major events, such as geopolitical or natural disasters.

Here are a few ways AAA Mid-Atlantic recommends you can improve your driving to get better gas mileage:

• Accelerate gradually. Avoid jackrabbit starts.

• Anticipate your stops. When approaching a red light, let your foot off the gas as early as possible.

• Use air conditioning. Today’s air conditioners create less drag on the engine than driving with the windows open.

• Maintain recommended tire pressure. Low pressure reduces fuel economy and can damage tires.

• Keep the air filter clean. Clogged filters reduce fuel economy and increase exhaust emissions.

• Drive the speed limit. The faster a vehicle travels the more gasoline it burns. 

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.

   

Next Weekend Gas Watch: Friday, August 3, 2018

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AAA provides automotive, travel and insurance services to 57 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.