TOWSON, MD (December 7, 2018) – A holiday gift for drivers: the cheapest gas prices of the year. At $2.44 per gallon, the national gas price average has set a new record low for 2018. The national average is a nickel less than last week, 30 cents less than last month and three cents less than this time last December. AAA expects the national gas price average to fluctuate through the end of the month and possibly end the year as cheap as $2.40.

Maryland’s average is 10 cents per gallon cheaper than the national price at $2.34 per gallon and also at the lowest price for the year. The state average is four cents less than a week ago, 24 cents less than a month ago, and 10 cents per gallon less than last year on this date.

The state average is 65 cents below the 2018 high price of $2.99 per gallon set on May 27 during the Memorial Day weekend. Marylanders can now find regular gas priced below $2.50 per gallon at over 80 percent of gas stations in the state, and fill up for under $2.25 per gallon at over 35 percent of Maryland stations.

“Drivers will have more change jingling in their pockets this holiday season as they save on fill-ups, especially compared to this summer,” said Christine Sarames Delise, Senior Public Affairs Specialist for AAA Mid-Atlantic. “AAA forecasts that as long as crude oil remains below the $60 per barrel mark, drivers will likely continue to see cheaper gas prices through the end of the year.”

Crude Supplies

Globally, crude supply is growing faster than anticipated. Contributing to the surplus is the United States’ record-breaking production levels – which hit the highest level ever recorded by the Energy Information Administration at 11.7 million barrels per day last month. In addition, there is more Iranian supply in the market than expected due to the U.S. granting crude sanction waivers to some of Iran’s largest importers, including India, South Korea and Japan.

To help reduce the growing surplus of global crude supply, this week the Organization of Petroleum Exporting Countries (OPEC) met to discuss the potential of cutting crude production by up to one million barrels per day. The announcement was expected yesterday (Thursday), but the cartel delayed the decision until today to give time for non-OPEC countries, including Russia, to decide if they will join the production reduction agreement. OPEC agreed on an oil production cut of 1.2 million barrels per day, slighty larger than anticipated.

With no firm announcement by OPEC on Thursday, West Texas Intermediate (WTI) crude oil closed at $51.49 per barrel, the cheapest price on the week. However, as of late morning Friday, the commodity was trading around 4 percent higher at over $53 per barrel.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

AAA Members save at Shell through the Fuel Rewards® Program*

Announced this week, AAA members can now save up to five cents per gallon through December 31, 2019, when filling up at participating Shell branded stations across the U.S. through the Fuel Rewards® program. AAA members just need to sign-up at AAA.com/Shell to reap the benefits of this new Discount and Reward program.

An added benefit, members registering for the first time in the Fuel Rewards® program will save 25 cents per gallon on their first fill-up through January 31, 2019. Before providing payment when fueling up, members will see prices roll back at the pump when they enter their Fuel Rewards® Alternative ID, which they use to join, typically a phone number.

* The Fuel Rewards® program is owned and operated by Excentus Corporation, a PDI company.

Winter Fuel & Driving Tips

As drivers hit the road this winter, AAA Mid-Atlantic offers these tips to help conserve fuel and keep motorists safe:

• If possible, only run the engine and heater long enough to remove the chill. This will help to conserve fuel. Also, parking your car in a garage will help it stay warm.

• As a precaution, keep at least half a tank of fuel in your vehicle at all times. It helps to reduce condensation in the fuel system. It also helps ensure an adequate reserve of fuel to run the engine for heat should your car become disabled in a remote location.

• Be sure to pack an emergency roadside kit in your car containing a cell phone and car charger, first-aid kit, blankets, drinking water and snacks, a flashlight with extra batteries, a basic toolkit, warning flares, jumper cables, an ice scraper, a shovel, and a bag of abrasive material (sand, salt, cat litter) or traction mats.  

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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Mailing Address:
8600 LaSalle Road, Ste 639
Towson, MD 21286

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.