The Week

Gas prices across Maryland increased slightly this week as gasoline supplies, crude oil and demand for gasoline all dipped. The drop in gas and oil supplies could send prices higher while the drop in demand could keep that increase from being as high as it could be.

The gas price average in Maryland today is $2.25, which is up respectively three cents in the last week and 14 cents in the last month, but down 48 cents from this date last year.

Today’s national gas price average is $2.20, respectively up a penny in the last week and 10 cents in the last month, but down 59 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 $40.59 per barrel, four cents higher than last Friday’s close. Prices hovered between $40 and $42 this week, ending at a more than four-month high Wednesday ($41.20). Domestic crude prices fell after the Energy Information Administration’s (EIA) weekly report revealed that total domestic crude inventories decreased. Decreasing crude stocks could mean that crude production is beginning to meet demand and could reduce price volatility, as coronavirus outbreaks continue to grow worldwide.

The Weekend

“Data shows gasoline demand and supply continue on a roller coaster ride,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As motorists react to unfolding COVID-19 information, we are seeing driving behaviors related to filling-up ebb and flow.”

The Week Ahead

According to new data from the Energy Information Administration (EIA), total domestic gasoline supplies decreased last week.  As supplies tighten, prices could continue to rise, depending on demand. Last week, demand for gasoline fell slightly, following the Fourth of July holiday weekend.

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, July 24, 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.