The Week

Local drivers are paying more at the pump just ahead of the Independence Day holiday as a result of increasing crude oil prices and the closure announcement of the Philadelphia Energy Solutions (PES) refinery in Philadelphia following a massive fire one week ago. Both factors have contributed to local prices jumping as much as six cents in the last week. While AAA anticipates further gas price increases, it is unclear at this time just how much that could be.

Prices in Maryland increased by six cents in the last week, but are 13 cents lower than last month and 15 cents lower than on this date last year. 

Today’s national gas price average is $2.70, which is up four cents in the last week, down 12 cents in the last month, and is 15 cents less than last year’s price.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $58.47 per barrel, $1.04 higher than last Friday’s close. In the past two weeks, oil prices have increased by $5.96 or 11% per barrel. Oil increased by more than two percent Wednesday following the Energy Information Administration’s (EIA) latest report, showing a larger-than-expected drop in crude inventories. Tensions in the Middle East as well as the U.S. and China trade deal waiting game are also keeping prices in question.

The Weekend

“The closure of the PES refinery, the largest on the East Coast, will likely have a temporary impact on gas prices in and around our region, though it is too early to know how much prices could increase or for how long, especially during the peak summer driving season,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Motorists in the region will likely continue to see modest increases in pump prices – especially leading up to what is expected to be a high-demand travel period for the Fourth of July.”

The Week Ahead

More Americans than ever recorded by AAA, nearly 49 million, are making plans to honor the red, white and blue with an Independence Day getaway this year, 4.1 percent or 2 million more than last year. Of those traveling, 41.4 million or 85 percent will go by car, representing a 4.3 percent over last year. Despite various factors pushing pump prices slightly higher, motorists will likely enjoy lower gas prices than Memorial Day and Independence Day 2018.