The Week

As motorists are counting down the days until Memorial Day, they are also counting up the extra dollars they’re spending at the pump. Drivers could potentially see prices continue rising a few cents more as the holiday comes and goes.

Maryland’s average price, along with the Baltimore and Frederick Metro areas, is two cents away from the $3.00 per gallon mark, while the average cost for the Maryland suburbs of Washington has already exceeded that benchmark.

The state average cost at the pump is a penny higher than the national average at $2.98 per gallon, which is eight cents more than last week, up 21 cents from last month, and 61 cents more than last year on this date.

Today’s national gas price average is $2.97, which is up six cents in the last week, up 19 cents in the last month and 60 cents higher than this time last year.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $70.71 per barrel, down $1.13 from Wednesday, the largest loss seen in two weeks.   WTI currently sits nearly $20 higher per barrel than this same time last year. In addition to crude oil prices, the announcement of the to-be reinstated Iran sanctions, other geopolitical events, decreased global supply, increased global demand, and record U.S. production have all contributed toward driving up gas prices since January.  

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Maryland’s gas price average is 60 cents more expensive than last year and the highest for Memorial Day since 2014,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “However, residents will not be deterred by higher prices at the pumps, as AAA forecasts 793,000 Marylanders will hit the road for the Memorial Day weekend, the highest travel volume since 2001 when the auto club began tracking holiday travel.”

The Week Ahead

Higher gas prices will make for a more expensive summer driving season, which begins with Memorial Day weekend, for most travelers.  Trends indicate that this summer is likely to bring the national average to at least $3.00 per gallon with Maryland anticipated to reach that benchmark in the days ahead. The average family could pay $1,318 for gasoline, $225 to $250 more than 2017.

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, June 1, 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.