The Week

After sizable gas price increases in November, Maryland drivers have been seeing a slow downward trend in gas prices since the record-breaking Thanksgiving holiday travel volume.  This week, the Energy Information Administration (EIA) reported a sizeable increase in East Coast gasoline stockpiles and a drop in demand, both contributing factors to stability at the pump.

Today’s national gas price average is $2.49, which is three cents lower than one week ago, one cent higher than one month ago and 33 cents higher than this time last year.

In Maryland, the average price for gas is three cents lower than the national average at $2.46 per gallon, which is two cents less than last week, but a penny more than last month and 25 cents higher than last year on this date.  

Many areas across the state, such as Elkton and Salisbury are now below last month’s average price, while other markets are nearing last month’s lower prices.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $57.40 per barrel, 62 cents lower than the previous week. The Organization of Petroleum Exporting Countries (OPEC) met Thursday and agreed to extend production cuts through all of 2018, with another meeting in June to review the agreement’s progress. Both the Saudis and Russians made statements emphasizing their commitment to further reducing oversupply, and the official OPEC statement hinted at talks of caps on Libyan and Nigerian production.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Prices at the pump should slowly decline through the holiday season, as colder temperatures, the threat of inclement weather and online shopping take a bite out of the demand for gasoline,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA anticipates gas prices decreasing as much as 20 cents per gallon in some areas, but year-end prices are still expected to be the most expensive since 2014.”

The Week Ahead

This December motorists will not find significant holiday savings at the gas pump. While AAA does expect gas prices to decline between now and the end of the year, motorists will still pay the highest December gas prices since 2014.  In addition, motorists can expect gas prices to continue to trend cheaper the first few months of 2018, with potential to see the national gas price average in the $2.25-$2.35 range by February. 

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, December 1, 2017

   

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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.