The Week

Local gas prices around the Mid-Atlantic region have slowed or stopped their advance over the last few days. Oil prices have changed very little in the past week, the refinery maintenance season has been relatively smooth and East Coast gasoline inventories grew by more than one million barrels. These factors helped to slow the larger increases seen over the last month.

Today’s national gas price average is $2.66, which is up one cent in the last week, up 13 cents in the last month and 28 cents higher than this time last year. Today’s price is only one cent lower than last year’s highest price on September 8.

Maryland’s average cost at the pump continues to trend slightly higher than the national average, this week by a penny, at $2.67 per gallon.  The state average is unchanged from last week but 18 cents higher than last month, and 32 cents more than last year’s price on this date. Metro areas across the state are all averaging above $2.60 per gallon since March 27.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $63.54 per barrel, down $1.40 from the previous week. According to the latest Energy Information Administration (EIA) report, crude oil inventories decreased by 4.6 million barrels last week, the biggest weekly decline since January, beating analysts’ forecasts. However, inventories in Cushing, Oklahoma, a key pipeline hub, rose by 3.7 million barrels per day, the highest level since December 2016. Throughout the week, fears of an escalating trade war with China played with prices mid-week, but they have started to ease.  

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Despite the stall at the pump, gas prices will likely trend higher the closer we get to May,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As retailers begin to sell summer-blend gasoline, the increase in price to produce it will be passed on to consumers.”

The Week Ahead

AAA anticipates gas price averages are likely to continue their upward trend leading into the summer driving season as the switchover to more expensive summer blend gasoline begins (switchover day is May 1).  More-expensive summer blend gasoline has a lower volatility than winter-grade gasoline to limit evaporative emissions that normally increase with warm weather.

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, April 13, 2018

Follow us on Twitter: @AAAMDNews

Like us on Facebook: AAA Mid-Atlantic News

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

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.