The Week

The national average for a gallon of regular unleaded gasoline has reached $2 for the first time since the end of March. Gas prices across the country have seen dramatic decreases as a result of a sharp drop in both the demand for gasoline and the price of crude oil. As many states have started to reopen and Americans head back out on the road, gas prices have started to increase.

The gas price average in Maryland today is $2.02, which is up respectively one cent in the last week and 15 cents in the last month, but down 68 cents from this date last year.

Today’s national gas price average is $2, up respectively three cents in the last week and 22 cents in the last month, but down 79 cents from this time last year.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $39.55 per barrel, $4.06 higher than last Friday’s close. The price of crude has increased each day this week but concerns still linger over whether the Organization of Petroleum Exporting Countries (OPEC+) will be able to agree on an extension of production cuts. The group is expected to meet soon to discuss the cuts. The Energy Information Administration (EIA) reported this week that crude oil inventory decreased last week but analysts feel that the amount of crude still remaining in storage will keep up with the increasing demand.

The Weekend

“Americans are slowly but steadily returning to the road, causing gas prices to increase across the country,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As Maryland continues to reopen and pump prices increase, drivers are still filling up at about 70 cents per gallon less than this time last year.”

The Week Ahead

While AAA does not expect gas prices to reach the same levels as one year ago, unforeseen events, like a hurricane, can cause an increase. Tropical Depression Cristobal is expected to enter the Gulf of Mexico Friday night and head toward the northern Gulf Coast, making landfall as a tropical storm by Sunday. Should it strengthen to hurricane status before making landfall, it could pose a threat to the Gulf Coast region's oil refineries.

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. 

Next Weekend Gas Watch: Friday, June 12, 2020

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AAA provides automotive, travel and insurance services to over 60 million members nationwide and nearly 988,000 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.