The Week

Local gasoline prices continue to decrease across the Mid-Atlantic region, although not as significant as the previous week’s declines. The combination of crude oil prices remaining above $61 all week and some regional refineries starting maintenance operations will result in less gasoline available for consumption, and thus a likely increase in pump prices in March.

Today’s national gas price average is $2.52, which is down two cents in the last week and the last month, but 23 cents higher than this time last year.

Maryland’s average is two cents lower than the national price at $2.50 per gallon, which is three cents lower than last week and eight cents less than last month, but 23 cents higher than last year’s price on this date. 

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $62.77 per barrel, the highest price since February 6.  According to the Energy Information Administration’s (EIA) weekly report, crude oil inventories decreased by 1.6 million barrels, leaving inventories below last year’s totals. Inventories usually rise at this time of year, as many refineries cut crude intake to conduct maintenance.  

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“While motorists may see additional discounts at the pump this week, this downward trend will come to end,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA expects gas prices to increase 25 to 35 cents between March and May, as refineries conduct seasonal maintenance and switch to summer-blend gasoline."

The Week Ahead

Looking for a revenue source for its $200 billion infrastructure investment plan, the Trump administration suggested this week it could support a tax on drivers for the amount of miles they drive. Earlier this month the President told lawmakers in a private meeting he would support raising the federal gas tax (currently 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel) for the first time since 1993. The administration was still looking at the pros and cons of different ways to pay for infrastructure.

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

• 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 2, 2018

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AAA provides automotive, travel and insurance services to 58 million members nationwide and more than 937,000 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.