The Week

Record gasoline demand heading into the Labor Day holiday weekend caused gas prices to increase nationwide and across Maryland. However, now that summer is in the rearview mirror, demand is expected to drop off in the coming weeks, meaning motorists should see gas prices steadily decline.

Today’s national gas price average is $2.85, which is up a penny in the last week, down a penny in the last month, and 18 cents higher than this time last year.

Maryland’s gas average is two cents lower than the national average at $2.83 per gallon, which is five cents higher than last week, two cents less than last month, and only eight cents higher than last year on this date. While last year’s Hurricane Harvey struck the Gulf Coast late August, motorists were feeling the cost impact at the pump through mid-September, due to the disruption of production and distribution.

Average prices for metro areas across the state experienced increases this week ranging from a penny in the Maryland suburbs of Washington to as high as 12 cents per gallon on average in Salisbury. Highest prices in the state can be found in Cumberland where the average price is $2.96 per gallon.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $67.77 per barrel, down $2.48 from last Thursday. The Energy Information Administration’s (EIA) weekly petroleum status report showed a larger-than-expected draw of crude inventories and a build in gasoline supplies for the week ending Aug. 31. Oil prices are likely to remain supported amid signs that Iranian crude exports are declining at a faster rate than expected in the run up to November, when U.S. sanctions on the country’s oil industry take effect.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline 

The Weekend

“Heavy demand caused gas prices to increase slightly, following the Labor Day weekend, however with summer driving season behind us, demand is expected to decrease in the coming weeks,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Motorists can expect to see gas prices steadily decline once demand begins to drop.”

The Week Ahead

Gas price relief is in sight, as the switch to winter blend gasoline nears. Refineries make the switch to winter blend gasoline in September, with the less-expensive to produce gasoline reaching motorists by September 15. The annual switch could save motorists approximately ten cents per gallon or more at the pump.

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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.