The Week

Gas prices nationwide and across Maryland continued to trend upward again this week, with no signs of stopping. The uncharacteristically high demand for gasoline, and oil prices that are over $10 per barrel higher than this time last year have contributed the climb in prices.

Today’s national gas price average is $2.60 per gallon, which is up three cents in the last week, up 11 cents in the last month, and 32 cents per gallon higher than this time last year.

Maryland’s average is a penny higher than the national average at $2.61 per gallon, which is two cents higher than last week, 10 cents more than last month, and 34 cents, or nearly 15 percent, higher than last year on this date. 

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $65.80 per barrel, a nominal increase from the previous week, and $11.92, or 22 percent higher than the same time last year.

According to the latest Energy information Administration (EIA) report, weekly crude oil inventories rose by 6.8 million barrels, ending a drawdown trend lasting 10 weeks. The inventory build was fostered by high crude production and imports.  

On Wednesday, the EIA stated in their latest monthly crude production report that U.S. crude oil production topped 10 million barrels per day in November 2017, the highest on record since November 2017. 

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Motorists are accustomed to seeing gas prices trend downward at this time of year, so many are wondering if, and when, there will be a break in the upward trend,” said Christine Sarames Delise, a spokeswoman for AAA Mid-Atlantic.  “Looking ahead there may not be much of a break, if any, at the pump as refineries gear up for seasonal maintenance and the switchover to a more-expensive-to-produce summer blend gasoline in the coming months.”

The Week Ahead

The national gas price average jumped double digits in the first month of the year, an atypical trend for January, leaving motorists wondering if this is an indication of what lies ahead in 2018.  Experts say anything is possible, considering demand for crude and exports are increasing at a time when consumption typically drops off during the cold winter months. 

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, February 9, 2018

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AAA provides automotive, travel and insurance services to 58 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.