AAA Mid-Atlantic Weekend Gas Watch

Bleeding Green At The Pump

The Week

Consumers accustomed to seeing gas prices dip in January are wondering if, and when, that break will arrive at local gas stations. State and national gas prices continued to climb this week, indicating that 2018 may bring higher gas prices compared to the year prior.

Today’s national gas price average is $2.57, which is up three cents in the last week, up 13 cents in the last month and 28 cents higher than this time last year.

Maryland’s average is two cents higher than the national average at $2.59 per gallon, which is three cents higher than last week, 16 cents more than last month, and 28 cents higher than last year on this date. 

By mid-week, West Texas Intermediate (WTI) crude oil prices rose to levels not seen since December 2014. At the close of NYMEX trading Thursday, the commodity settled at $65.51, the second consecutive day above the $65 per barrel mark and $1.56 per barrel higher than last week’s close.

Market observers are looking for indications that growth in the global crude market has slowed, but the U.S. has bucked that trend. In fact, U.S. producers are seizing the higher petroleum prices to grow global market share – evidenced by crude exports increasing. This growth potentially stalls efforts by OPEC and major crude producers to rebalance the market (by cutting production through the end of 2018).

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Since 2014, gas prices decreased as much as 20 cents in the first three weeks of the year,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “This year, gas prices are eight cents more than they were on New Year’s Day, a possible indication that prices in 2018 will likely be more expensive than last year.”

The Week Ahead

Philadelphia Energy Solutions LLC, the U.S. East Coast’s largest refinery operator filed a bankruptcy plan Monday to reorganize its massive debt. Since then, the company has secured funding and assurances in order to ensure normal operations, which likely helped ease some fears about the state of East Coast market supply ahead of the busy spring gasoline season.

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, February 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.