The Week

Following a busy holiday long weekend that saw nearly 1.15 million drivers traveling on roadways in Maryland, gas prices locally and nationally saw minimal fluctuation. Maryland’s statewide Thanksgiving gas price average was four cents higher than last year’s average, but saw a slight drop this week. East Coast gasoline stocks increased on the week and winter weather curbed gasoline demand, leading to a decrease in prices in some areas.

The gas price average in Maryland today is $2.46, which is down two cents in the last week, and four cents from last month, but is up 12 cents from this date last year.

Today’s national gas price average is $2.58, unchanged in the last week, down four cents in the last month and up 14 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 $59.20 per barrel, $4.03 higher than last Friday’s close. Oil prices gained more than four percent on Wednesday, as a result of a larger-than-expected drop in U.S. crude inventories and hopes of deeper production cuts from the Organization of the Petroleum Exporting Countries (OPEC). OPEC and Russia agreed Thursday to make further cuts in oil production to help support crude prices. 

The Weekend

“Gasoline stocks have steadily increased the past few weeks as gasoline demand has started to slow following the busy Thanksgiving travel holiday,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “While those trends can create cheaper gas prices, there may still be some price volatility because of rising crude prices.”

The Week Ahead

During Thursday’s OPEC meeting in Vienna, OPEC and allied producers agreed to cut production by an additional 500,000 barrels per day until March 2020. The cuts must be unanimously approved by the entire OPEC group and will be reviewed again during the March 5-6 Vienna meeting. Following the official production cut announcement, crude prices headed toward the $60 mark, but experts say the details of the agreement could determine which way crude prices will move.

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. 

AAA is the most comprehensive resource for gas prices. AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.

Next Weekend Gas Watch: Friday, December 13, 2019

Follow us on Twitter: @AAAMDNews

Like us on Facebook: AAA Mid-Atlantic News

Mailing Address:
8600 LaSalle Road, Ste 639
Towson, MD 21286

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.