AAA Mid-Atlantic: Has The Gas Price Drop Stopped?
The Week
Across most of Maryland this week, the drop has stopped at the pump. An increase in crude oil prices and a drop in gasoline inventories along the East Coast are pushing prices up in some areas. This is typically a time when late summer/early fall decreased demand (ahead of the switchover to winter blend gasoline) usually pushes prices lower. Despite the increases, Maryland drivers are still paying almost 40 cents less per gallon than just one year ago.
The gas price average in Maryland today is $2.44, which is up three cents in the last week, down 13 cents in the last month and is 39 cents lower than on this date last year.
Today’s national gas price average is $2.57, unchanged in the last week, down seven cents in the last month and down 28 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline
Today
|
Week Ago
|
Month Ago
|
Year Ago
|
|
National
|
$2.57
|
$2.57
|
$2.64
|
$2.85
|
Maryland
|
$2.44
|
$2.41
|
$2.57
|
$2.83
|
Annapolis
|
$2.39
|
$2.34
|
$2.50
|
$2.80
|
Baltimore
|
$2.39
|
$2.35
|
$2.52
|
$2.81
|
Cumberland
|
$2.55
|
$2.62
|
$2.78
|
$2.93
|
Frederick
|
$2.43
|
$2.39
|
$2.56
|
$2.84
|
Hagerstown
|
$2.49
|
$2.50
|
$2.59
|
$2.86
|
Salisbury
|
$2.38
|
$2.31
|
$2.44
|
$2.76
|
Washington Suburbs
(MD only)
|
$2.55
|
$2.56
|
$2.71
|
$2.91
|
Crude Oil
|
$54.85
per barrel
(9/13/19)
|
$56.52
per barrel
(9/6/19)
|
$54.87
per barrel
(8/16/19)
|
$68.99
per barrel
(9/14/18)
|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $54.85 per barrel, $1.67 lower than last Friday’s close. Crude prices were on the rise earlier in the week, as investors reacted to the prospect of continued OPEC production cuts. Prices bounced around a bit Wednesday following the firing of John Bolton, the U.S. National Security Advisor and later fell as doubts began to surface of a U.S. – China trade deal.
The Weekend
“Gasoline demand in early September generally declines as refineries prepare for the switchover to winter-blend gasoline and undergo maintenance,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Current higher crude prices and decreasing gasoline stocks along the East Coast may temporarily interrupt this seasonal price decline.”
The Week Ahead
Gasoline refineries are in the midst of switching over from summer blend gasoline to winter blend gasoline, which is less expensive to produce, passing the savings along to motorists this time of year. The federally mandated switchover date for gasoline retailers is September 15. In its Short Term Energy Outlook released this week, the Energy Information Administration (EIA) forecasts WTI crude oil will average $55 per barrel in the fourth quarter of 2019 and average $57 per barrel in 2020. The agency also noted a national gas price average of $2.56 per gallon in the fourth quarter of 2019, down from $2.62 per gallon as previously forecasted.
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, September 20, 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.