The Week

Drivers throughout Maryland haven’t seen much change at the pump in the last week or the last month. The gas price average in Maryland today is $2.27, unchanged in the last week, down respectively seven cents in the last month and 38 cents from this date last year. Crude oil supplies declined this week as supplies of gasoline increased, creating further volatility in the market.

Today’s national gas price average is $2.18, unchanged in the last week, down respectively a penny in the last month and 54 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 $40.27 per barrel, $1.02 lower than last Friday’s close. Like gasoline, crude prices have moved very little, hovering between $39 and $42 all month long. Following the Energy Information Administration’s (EIA) latest report showing a large drop in crude supplies, crude prices edged higher. However, prices fell Thursday following a tweet from the President suggesting the U.S. should postpone the November election. The market was also impacted by news that the U.S. economy contracted at its steepest pace since the Great Depression in the second quarter.

The Weekend

“Although gas prices haven’t changed much in the past few weeks, prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Pump prices have been pushing less expensive recently as gasoline demand continues to drop.”

The Week Ahead

As forecasters keep watch of Hurricane Isaias moving toward Florida’s eastern coast, analysts are not very concerned about an impact on oil and natural-gas production. Should the storm change direction and head to the Gulf of Mexico, the threat to oil production could grow and influence oil and gas prices.

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, August 7, 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.