The Week

For the 37.6 million Americans who hit the road this past Memorial Day weekend, the vast majority found savings at the pump compared to last year’s holiday, a trend AAA expects to continue into June.  Prices in Maryland dropped by five cents in the last week, are 10 cents lower than last month and 21 cents lower than on this date last year. 

Today’s national gas price average is $2.82, which is down two cents in the last week, down six cents in the last month, and is 13 cents less than last year’s price.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $53.50 per barrel, $5.13 lower than last Friday’s close. This is the lowest price since February 12. The market reacted this week to a smaller-than-expected decline in U.S. crude inventories and continued concern over a U.S.-China trade war. Government data released this week also pointed to a continued increase in production levels that are already at a record level.

The Weekend

“Gas prices have declined, on average, by at least a nickel, for the majority of the country since the beginning of May, a trend motorists can expect to continue into early June,” says Jeanette Tejeda de Gomez, Senior Public Affairs Specialist for AAA Mid-Atlantic. “Barring any unforeseen circumstances – economic, geopolitical, and/or weather-related – the highest gas prices of the year are likely in the rearview mirror.”

The Week Ahead

Summertime gas price movement could depend on whether the Organization of the Petroleum Exporting Countries (OPEC) members and non-members agree to increase production when they meet in late June, as well as how soon they execute on such increases. Many market analysts believe that the cuts made by OPEC will be extended in an effort to prevent oil prices from falling further. In addition, any unexpected supply disruptions could affect prices are the pump this summer.

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

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

• Fuel Price Finder (https://www.AAA.com/fuelfinder) locates the lowest fuel price in your area. 

• AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses. 

• TripTik Mobile (https://www.aaa.com/mobile) plots fuel prices along your travel route. 

• AAA's Member Rewards Visa® Credit Card (https://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases. 

AAA is the most comprehensive resource for gas prices. AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.

Next Weekend Gas Watch: Friday, June 7, 2019

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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.