TOWSON, MD (August 27, 2018) – Motorists across most of the country continue to see their local pump prices stabilize and for many trend downward. On the week, state gas price averages declined as much as four cents while the national gas price average held steady at $2.84 per gallon, which is unchanged from last week, two cents cheaper than a month ago, but 48 cents per gallon more than a year ago.  

Maryland’s average price at the pump is five cents less than the national average at $2.79 per gallon, which is a penny less than last week and last month but 48 cents per gallon more than last year on this date. Metro areas across the state experienced weekly price declines and most areas are trending lower than last month’s average costs. 

“With Labor Day approaching, motorists could see a small swing towards higher gas prices, but any jump should not last past the holiday weekend,” said Ragina Cooper Averella, Public and Government Affairs Manager at AAA Mid-Atlantic.  

Last year’s Labor Day weekend saw gas prices spike, but that was due to Hurricane Harvey. As it battered the Southeast, it shut down refineries and pipelines driving gas prices toward their highest point of 2017 ($2.67). Despite no hurricane activity this Labor Day weekend, gas prices will be at their highest point for the holiday since 2014. 

Mid-Atlantic and Northeast Gasoline Prices and Supplies

Gas price averages are relatively flat across the Mid-Atlantic and Northeast states. Prices dropped as much as two cents on the week, but only in Tennessee. The majority of states report gas price averages only a penny cheaper since last Monday, except in Vermont ($2.91) and Rhode Island ($2.89) which held steady.  

While the national year-over-year difference in gas price averages is nearly 50-cents higher, a handful of Mid-Atlantic and Northeast states are paying more than this average. Motorists in Connecticut (+56 cents), Massachusetts (+54 cents), Delaware (+54 cents), Rhode Island (+53 cents), Vermont (+-52 cents) and New York (+51 cents) are seeing the largest yearly differences in the region. 

Similar to pump prices, gasoline inventories in the region remain relatively flat. The Energy Information Administration (EIA) reports total inventories drew 57,000 barrels. Levels hold steady at one of the lowest points for this summer at 63.2 million barrels.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil increased 89 cents from the previous day’s close to $68.72 per barrel, the highest price for the week.

A weak dollar contributed to last week’s price gain. Moreover, following the release of EIA’s weekly report that showed total domestic crude inventories fell by 5.8 million barrels during the previous week, crude prices increased. If this week brings a continued decline in crude stocks, crude prices could surpass $70 per barrel.

In related news, according to Baker Hughes, Inc., the U.S. lost nine oil rigs last week, bringing the total down to 860. Currently, there are 101 more active rigs than last year at this time.

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:
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Towson, MD 21286

AAA provides automotive, travel and insurance services to 57 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.