The Week

Gasoline’s spring fling is in full effect across the Mid-Atlantic region and motorists are paying the highest prices for this time of year heading into the Easter and Passover holidays since 2014. The increase is due to a drop in gasoline inventories, oil prices remaining in the mid-$60-per-barrel range, and refineries preparing to sell summer blend gasoline.

Today’s national gas price average is $2.65, which is up six cents in the last week, up 12 cents in the last month and 34 cents higher than this time last year.

For the second consecutive week, Maryland’s average cost at the pump is pacing slightly higher than the national average. Today’s state average is $2.67 per gallon, two cents higher than the national average. Maryland’s average is six cents more than last week, 17 cents higher than last month, and 36 cents more than last year’s price on this date. Most metro areas across the state are experiencing steep weekly increases, most notably Hagerstown and Salisbury with double-digit weekly increases.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $64.94 per barrel, up 64 cents from the previous week.  Analysts believe that the higher crude prices are partially due to the effectiveness of OPEC’s production reduction agreement, which will be in effect through the end of 2018, and may extend into 2019. Meanwhile, U.S. crude production continues to boom, hitting another record high of 10.41 million barrels per day.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Motorists filling up for holiday weekend road trips are paying the highest prices for this time of year since 2014,” said Christine Sarames Delise, a spokeswoman for AAA Mid-Atlantic. “Unfortunately, the jump in gas prices is just the beginning for the season and prices are expected to continue rising in the weeks ahead.”

The Week Ahead

Local drivers who are making summer road trip plans will likely need to put a little more money into their gas budget this year. The summer driving season starts in May and by then, most retail gas stations should be selling summer-blend gasoline, which is more expensive to produce. Summer-grade gasoline has a lower volatility than winter-grade gasoline to limit evaporative emissions that normally increase with warm weather.

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, April 6, 2018

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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.