The Week

More than one month after Hurricane Harvey made landfall in Texas, Maryland motorists are finally seeing consistent relief at the pump. As Gulf Coast refineries attempt to return to normal production capacity, drivers continue to see gas prices fall after Maryland’s average price peaked for the year at $2.75 per gallon on September 6. Compared to three weeks ago, prices are down by double digits in Maryland, although still double digits higher than last month’s cost. As demand slows with the onset of fall, gas prices should continue to decrease in the coming weeks, pending no additional hurricanes that could potentially disrupt refinery operations and gasoline distribution.

Today’s national average is $2.57 per gallon, a drop of two cents in the last week, yet 19 cents higher than one month ago and 36 cents higher than one year ago.

Maryland’s average cost at the pump is pricing a nickel per gallon less than the national average at $2.52 per gallon. The state’s average reflects a decrease of six cents from a week ago, a 19 cents rise versus last month and a 27 cents increase over last year’s price.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $51.58 per barrel, $1.03 higher than the previous week’s closing price. Crude oil prices have been above the $50 mark for more than a week as the market reacts to a possible extension of the OPEC-led production-cut deal, as well as risks to global supplies (Turkey’s president threatened to cut off oil exports from a region in northern Iraq). In addition, the U.S. Energy Information administration (EIA) reported that domestic crude oil supplies fell for the week ended Sept. 22, after posting substantial increases in each of the last three weeks. 

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Gas prices are getting cheaper by the day for Mid-Atlantic drivers,” said Christine Sarames Delise, a spokeswoman for AAA Mid-Atlantic. “With the switchover to winter-blend gasoline, consumer demand beginning to slow, and Gulf Coast refineries getting closer to normal operations, consumers can expect gas prices to continue to be less expensive through October.”

The Week Ahead

Last Friday, OPEC’s Joint Ministerial Monitoring Committee (JMMC), charged with monitoring the agreement between OPEC and non-OPEC producers to cut global production by 1.8 million barrels per day, met in Vienna. According to OPEC, the cartel’s strategy is working to help global crude inventories move closer to their five-year average. OPEC’s next formal meeting will be held on November 30 in Vienna, where parties that are a part of the production reduction agreement may decide to deepen and extend the current agreement beyond March 2018.

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, October 6, 2017

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.