The Week

This week, many local regions saw gas prices holding steady or even dropping a penny or so even as gasoline demand increased last week. Despite the increase in demand, high levels of gasoline stocks kept average pump prices in check.

Today’s national gas price average is $2.26, which is down a penny in the last week, unchanged in the last month, and is 34 cents less than this time last year.

Maryland’s average price is four cents less than the national average at $2.22 per gallon. The state average is down two cents from last week, a penny less than last month, and 39 cents per gallon less than last year on this date.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $53.79 per barrel, a 66 cents increase compared to last Thursday’s settlement price.  Crude prices bounced around a bit this week, settling at $51.99 on Monday, and gaining $2.24 in 48 hours to settle at $54.23 on Wednesday.

U.S. crude oil prices surged this month to post its best January performance on record, breaking a three-month losing streak that saw futures lose nearly half their value. Prices held their own despite recent weak economic data from China and concerns about slowing global growth and a decrease in demand for fuel.   

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“The return of the polar vortex and sub-zero temperatures across much of the country has many drivers staying home this week, which likely played a role in gas prices dropping slightly this week,” says Ragina Cooper Averella, Public and Government Affairs Manager for AAA Mid-Atlantic. “Despite rising oil prices and a surplus of retail gasoline supplies, local and national gas price averages will likely continue to fluctuate into next week.”

The Week Ahead

In its latest weekly report issued Wednesday, the Energy Information Administration (EIA) revealed that demand for gasoline for the week ending January 25 was approximately 700,000 barrels per day more than the previous week’s estimate and higher than the estimate during the same time last year. This rate would be considered average during the busy driving season in the summer, but not typical during winter, which is a historically low demand season. One reason for the jump could be the weather caused motorists to fill-up and stock-pile ahead of the storms.

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 over 59 million members nationwide and more than 982,000 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.