The Week

Ahead of the Labor Day holiday weekend, gas prices nationwide and across Maryland have seen little movement in the last week, but continue to slowly trend downward in the last month. Last year's Labor Day weekend saw gas prices spike, due to Hurricane Harvey. Despite no hurricane activity this Labor Day weekend, gas prices will be at their highest point for the holiday since 2014.

 

Today’s national gas price average is $2.84, which is unchanged in the last week, down two cents in the last month, and 39 cents higher than this time last year.

 

Maryland’s gas average is six cents lower than the national average at $2.78 per gallon, which is one cent lower from last week, four cents less than last month, but 35 cents more than last year on this date. Average prices for metro areas across the state remained stable or experienced a nominal weekly decline with the exception of Cumberland, whose average rose by two cents per gallon.

 

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

 

 At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil climbed to the highest level in August, $70.25 per barrel, lifted by two consecutive weekly declines in U.S. crude supplies, as well as continuing concerns over tighter global inventories tied to U.S. sanctions on Iran that will take effect in early November.  

The Weekend

“Heading into the unofficial end of summer, Marylanders hitting the road for a Labor Day holiday getaway will be filling up at the pump paying approximately 20 cents per gallon less than Memorial Day weekend prices,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “After Labor Day, gas prices are likely to continue declining provided crude oil prices remain relatively stable, and given the switch-over to winter blend gasoline.  However, several factors can reverse this trend, including geopolitical tensions and hurricane threats.”

 

The Week Ahead

AAA forecasts that the national gas price average will drop to $2.70 per gallon this fall, while Maryland’s average will likely fall pennies below this level. Prices have the potential to drop even more. Part of the anticipated drop in fall pump prices is due to the switchover to winter-blend gasoline in mid-September. Winter-blend fuel, which is cheaper to produce, has a higher Reid Vapor Pressure (RVP) because the fuel must be able to evaporate at low temperatures for the engine to operate properly, especially when the engine is cold. In addition, the arrival of fall historically means a drop in consumer gasoline demand as summer road trips and vacations subside.

 

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.

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 58 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.