The Week

Drivers in Maryland and across the country continue to pay more at the pump as a result of the annual switch-over to summer grade fuel, strong demand for gasoline and a sharp rise in oil prices.

Gas prices this spring are at their highest level since 2014 when the average for a gallon of gas was averaging above $3.50 per gallon nationwide and in Maryland.

Today’s national gas price average is $2.75, which is up five cents in the last week, up 19 cents in the last month and 33 cents higher than this time last year.

Maryland’s average cost at the pump is three cents lower than the national average at $2.72 per gallon.  The state average is three cents more than last week’s price, 18 cents higher than last month, and 28 cents more than last year’s price on this date. The Cumberland metro area is the highest in the state at $2.86 per gallon, up 10 cents from the previous week. Maryland’s average price is only pennies away from last year’s peak price of $2.75 per gallon.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $68.29 per barrel, up $1.22 from the previous week. The price of crude oil rose above $68 a barrel on Wednesday for the first time since 2015, fueled by strong demand for petroleum products, a steady drop in global crude stockpiles and escalating conflicts in the Middle East.

CURRENT AND PAST GAS PRICE AVERAGES 

                         Regular Unleaded Gasoline

The Weekend

“Motorists are paying the highest springtime prices since 2014,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA believes local prices will continue to climb based on higher crude oil prices, diminishing oil supplies, and the seasonal switchover to the summer gasoline blend.”

The Week Ahead

AAA anticipates gas price averages could increase another five to 10 cents in the coming weeks.  Maryland joins many states that will soon top 2017 high prices and the $3.00 per gallon mark could become a reality for some. AAA forecasts that two-thirds of the 88 million families taking vacation this summer plan to drive to their destination. With more expensive gas prices on the horizon, travelers should plan now for the additional costs.

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 20, 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.