Peak Summer Driving Season Met With Gas Price Spikes In The Northeast Due To Refinery Closure
The Week
Independence Day weekend travelers have felt the pain at the pump with gas prices jumping five to 15 cents per gallon in recent weeks. Various factors – increased crude oil prices, decreased supply, increased demand, and the permanent closure of the Philadelphia Energy Solutions (PES) refinery in Pennsylvania (the largest refinery on the East Coast) – have pushed gas prices higher.
Prices in Maryland increased by eight cents in the last week, one cent in the last month and are 10 cents lower than on this date last year.
Today’s national gas price average is $2.75, up five cents in the last week, yet down 11 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline
|
Today |
Week Ago |
Month Ago |
Year Ago |
|
|
National |
$2.75 |
$2.70 |
$2.79 |
$2.86 |
|
Maryland |
$2.71 |
$2.63 |
$2.70 |
$2.81 |
|
Annapolis |
$2.67 |
$2.56 |
$2.64 |
$2.76 |
|
Baltimore |
$2.69 |
$2.59 |
$2.65 |
$2.78 |
|
Cumberland |
$2.85 |
$2.79 |
$2.84 |
$2.98 |
|
Frederick |
$2.69 |
$2.64 |
$2.67 |
$2.81 |
|
Hagerstown |
$2.66 |
$2.68 |
$2.72 |
$2.78 |
|
Salisbury |
$2.64 |
$2.55 |
$2.55 |
$2.72 |
|
Washington Suburbs (MD only) |
$2.80 |
$2.75 |
$2.81 |
$2.92 |
|
Crude Oil |
$57.51 per barrel (Fri. 7/5/19 close) |
$58.47 per barrel (6/28/19) |
$53.99 per barrel (6/7/19) |
$73.80 per barrel (7/6/18) |
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $57.51 per barrel, 96 cents lower than last Friday’s close. Oil prices are approximately the same as the settlement price three weeks ago on July 21 ($57.43). The U.S. and China trade deal will be top of mind in the coming week as talks resume between the two countries.
The Weekend
“The more than 41 million motorists hitting the road this week to celebrate the Independence Day holiday will find gas prices cheaper than Memorial Day weekend, but more expensive than they’ve been paying the last few weeks,” says Jeanette Tejeda de Gomez, Senior Public Affairs Specialist for AAA Mid-Atlantic. “It’s typical to see increases at the pump ahead of holiday travel, but we may see prices continue to jump throughout the month due to refinery interruptions on the East Coast, increasing demand and fluctuating crude oil prices.”
The Week Ahead
As record numbers of travelers – nearly 49 million total, 41.4 million traveling by car – return from the Independence Day holiday weekend, they will undoubtedly notice pump prices on the rise, especially in the Northeast. The Philadelphia Energy Solutions (PES) refinery fire and subsequent closure continues to impact regional gas prices as solutions to backfill the void in refined fuel are identified. Peak summer driving season is upon us, and despite the recent uptick in gas prices, motorists continue to enjoy prices lower than this time last year.
AAA has a variety of resources to help motorists save on fuel:
-
Shell Fuel Rewards Program for AAA Members: (https://www.AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.
-
Fuel Price Finder (https://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
-
AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses.
-
TripTik Mobile (https://www.aaa.com/mobile) plots fuel prices along your travel route.
-
AAA's Member Rewards Visa® Credit Card (https://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.
AAA is the most comprehensive resource for gas prices. AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.
Next Weekend Gas Watch: Friday, July 12, 2019
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AAA provides automotive, travel and insurance services to over 59 million members nationwide and more than 982,000 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.