Gas prices continue their slow decline again this week, as demand for gasoline has dipped and crude oil prices remain below $70. Gasoline supplies were up for the second time in three weeks due to the slightly weaker demand.

Drivers across Maryland experienced price drops at the pump, ranging from a penny to three cents per gallon over the last week, and could see prices continuing to drop until Labor Day. If the demand for gasoline increases due to last-minute summer road trip plans, prices at the pump could increase.

Today’s national gas price average is $2.84, which is down a penny in the last week, unchanged in the last month, and 49 cents higher than this time last year.

Maryland’s gas average is five cents lower than the national average at $2.79 per gallon, which is one cent lower from last week, three cents less than last month, but 50 cents more than last year on this date.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $67.83 per barrel, up $2.37 from last Thursday.

Wednesday’s Energy Information Administration's (EIA) Weekly Report showed crude oil inventories fell by 5.8 million barrels. In addition to the EIA report, U.S. rhetoric against Iran also raised questions about crude supply, as the Trump administration indicated its plans to ramp up economic pressure on Iran in a dispute over that country's nuclear program. Those efforts include imposing tougher sanctions than had previously been imposed and finding other sources of oil for countries currently purchasing from Iran.

CURRENT AND PAST GAS PRICE AVERAGES 

  Regular Unleaded Gasoline

The Weekend

“It appears many drivers have taken their summer vacation, as demand for gasoline dipped last week,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Compared to July, consumer demand for gasoline is lessening and prices are dropping as a result. While gas prices may increase with demand during Labor Day weekend, they should generally decrease afterward.”

The Week Ahead

The EIA recently released a study finding that Americans are holding onto their cars longer. The average vehicle age has increased from 9.3 years in 2009 to 10.5 years in 2017, according to the 2017 National Household Travel Survey. Statistics from the federal Environmental Protection Agency show that the average adjusted fuel economy has risen from 21 mpg in 2008 to a preliminary figure of 25.2 mpg in 2017. As a vehicle age increases, data from the Bureau of Labor Statistics' Consumer Expenditures Survey indicates that spending on vehicle repair and maintenance has also increased, EIA said.

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.

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AAA provides automotive, travel and insurance services to 57 million members nationwide and more than 975,000 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.