The Week

Pump prices nationwide and in Maryland reversed direction a bit this week, as the price of crude dropped below $70 per barrel following news that U.S. crude production had reached 11 million barrels per day for the first time.

Today’s national gas price average is $2.85 per gallon, which is four cents less than last week, down three cents in the last month, yet 57 cents higher than this time last year.

Maryland’s average is two cents lower than the national average at $2.83 per gallon, which is two cents less than last week and unchanged from last month, but 58 cents more than last year on this date. In many regions across Maryland, prices are down one to three cents from last week, the opposite of what was seen the same time the previous week.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $69.46 per barrel on Thursday, down 87 cents from a week ago. Oil prices bounced around during the week, based on the resurgence of U.S. production,  and increasing production by Saudi Arabia, as well as other members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia. Crude prices fell after official data showed an unexpected rise in U.S. crude stockpiles as U.S. output hit a record high and major oil exporters increased production.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Gas prices have a tendency to decline in July; however, Maryland gas prices are following a nationwide trend of instability, increasing one week, decreasing the next. Fortunately, this week prices are down or flat across the State,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Uncertainty at the pump will continue, as crude oil prices, supply, demand and a number of geopolitical factors play a game of cat and mouse.” 

The Week Ahead

The summer driving season has brought one certainty to gas pumps – uncertainty.  Gas prices have been on somewhat of a roller coaster ride, peaking over the Memorial Day weekend, and inching up and down ever since. Crude oil has been a big factor in volatility at the pump, as prices fluctuate due to global supply, demand and production. The national average for a gallon of unleaded gasoline is predicted to fall somewhere between $2.90 and $3.10 during the season, barring any unforeseen circumstances. Maryland’s average at the pump will likely fall slightly lower than the expected range for the national gas average. AAA projects the 2018 summer driving season to cost drivers $225 to $250 more than last summer.

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, July 27, 2018

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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.