The Week

Motorists nationwide, and across Maryland, continue to see gas prices hold steady or trend downward throughout the week.  However, locally, Hagerstown is the exception, which experienced a seven cents increase compared to last week.  

According to the Energy Information Agency (EIA), U.S. gasoline inventories rose for the fourth straight week pointing to possible low demand at the pump and an increase in gasoline production.

Today’s national gas price average is $2.47 per gallon, which is two cents per gallon lower than one week ago, eight cents lower than one month ago but 27cents higher than this time last year.

In Maryland, the average price for gas is two cents lower than the national average at $2.45 per gallon, which is a penny less than last week, five cents less than last month, and 18 cents higher than last year on this date.  The year-over-year price gap has been narrowing since mid-November when Maryland’s average was as high as 31 cents per gallon versus last year’s prices.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $56.69 per barrel, 81 cents lower than the previous week. According to the EIA, U.S. crude oil inventories fell by 5.6 million barrels, marking the steady drawdown of global oversupply of crude oil. U.S. oil production has surged so quickly that it appears on course to surpass 10 million barrels per day in 2018, breaking a record set in 1970. 

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Cheaper winter gas prices are being seen for the bulk of the country as gasoline demand declines,” said Christine Sarames Delise, a spokeswoman for AAA Mid-Atlantic. “AAA expects to see gas prices trend lower through the end of the year, especially if the trend of low demand and high production continues.”

The Week Ahead

The markets continue to react to the outcome of the November 30 OPEC meeting where member and non-member countries agreed to keep their production cuts in place through the end of December 2018. Participants in the agreement will continue to reduce output by 1.8 million barrels per day in order to drain the global glut of oil that has suppressed oil prices.  

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, December 15, 2017

   

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AAA provides automotive, travel and insurance services to 57 million members nationwide and more than 937,000 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.