After dropping for nearly 100 days, yesterday, national and Maryland gas price averages reversed course, possibly signaling the end to a long stretch of lower pump prices.

Today’s national gas price average is $2.24, which is down a penny in the last week, 17 cents in the last month, and is 28 cents less than this time last year.

Maryland’s average price is three cents less than the national average at $2.21 per gallon. The state average is unchanged from last week, 11 cents less than last month, and 33 cents per gallon less than last year on this date.

Average prices for metro areas across the state are a mixed bag with some areas holding steady from last week, while other areas are experiencing an uptick. Two areas, Cumberland and the Maryland suburbs of Washington, are reporting a weekly decline.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $52.59 per barrel, a 12 percent or $5.50 increase compared to last Thursday’s settlement price.

This is the tenth straight session of gains, the longest stretch of gains in approximately nine years. Oil prices have risen based on expectations that progress toward a resolution on trade between the U.S. and China may be in sight. Data showing declines in output among major oil producers as part of the latest OPEC agreement may be a factor in rising oil prices, as well. Oil price increases may be temporary, however, as concerns about the global economy linger, with signs mounting that China’s growth in 2018 and 2019 would be the lowest in almost 20 years. 

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

 The Weekend

“After more than three months of steady declines, Maryland gas prices appear to be heading upward again, but hopefully on a temporary basis. As OPEC's oil production cuts continue, the effect on prices at the pump should become more apparent,” says Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “On the bright side, Marylanders are paying prices that are still lower than December, and a year ago.”

The Week Ahead

Prices for crude and gas at the pump may increase as analysts continue to watch talks between the U.S. and China that could result in a decision on trade between the two countries, a factor affecting oil prices. Economic data coming out of China, one of the world’s largest economies, will also be scrutinized, as forecasters attempt to get a handle on growth expectations and demand for oil for the year. However, crude oil supplies continue to be high and U.S. supplies of gasoline have risen, which could keep gas prices low for the next few weeks.

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

• AAA Shell Gas Discount: (AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations.

• 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, January 18, 2019

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AAA provides automotive, travel and insurance services to over 59 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.