The Week

Local gas prices saw quite a jump this week as refineries continue to work through winter weather issues and face the beginning of maintenance season. Prices were also supported by crude oil hitting its highest level so far this year, as global crude inventories tighten. 

Today’s national gas price average is $2.38, which is up nine cents in the last week, up 13 cents in the last month, but 14 cents less than this time last year.

Maryland’s average price is five cents less than the national average at $2.33 per gallon. The state average is 11 cents higher from last week and 10 cents more than last month, but 16 cents per gallon less than last year on this date.  Some metro areas across the state reported weekly increases of up to 15 cents per gallon.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $56.96 per barrel, a $2.55 increase compared to last Thursday’s settlement price.  

Oil prices stayed above $55 every day this week, supported by OPEC members adhering to production cuts, aimed at reducing the global oversupply of oil. U.S. sanctions have hit Iranian and Venezuelan crude exports while unrest has curbed Libyan output. Keeping those prices in check are U.S. crude oil stockpiles, which rose to the highest level in more than a year, according to the Energy Information Administration (EIA).

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Motorists are experiencing sticker shock at the pump. More expensive gas prices are being seen throughout the region as a result of ongoing refinery issues, coupled with higher crude oil prices and tightening global crude supplies,” says Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Prices are likely to be more expensive in the coming weeks unless crude prices hold steady as a result in a build in inventories.”

The Week Ahead

In the Mid-Atlantic region, severe winter weather was a primary factor for declining gasoline demand with this past week’s storm potentially dropping demand again in next week’s EIA report. The EIA report showed the latest regional refinery utilization dropped five percent, the lowest of any region in the country. With reduced utilization, the region may see stocks tighten in coming weeks, which may drive up gas prices.

AAA has a variety of resources to help motorists save on fuel:

• Shell Fuel Rewards Program for AAA Members: (AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.

• 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, March 1, 2019

   

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AAA provides automotive, travel and insurance services to 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.