TOWSON, MD (September 15, 2017)

The Week

Gas prices across the Mid-Atlantic, including Maryland, are decreasing after the double hit to the United States by Hurricanes Harvey and Irma. As pipelines and refineries return to their full operations in the region, prices should continue to decrease. While gas prices quickly shot up by double-digits, price decreases will instead come down gradually. The initial shuttering of refineries created an increase in demand, as concerned motorists headed to the gas stations to fill up their tanks.

Today’s national average price for unleaded gasoline stands at $2.64 per gallon, three cents less than one week ago, 29 cents higher than one month ago and 46 cents higher than one year ago.

Maryland’s average cost at the pump is pricing four cents per gallon more than the national average at $2.68 per gallon. The state’s average reflects a decrease of six cents from a week ago, a 35 cents rise versus last month and a 52 cents increase over last year’s price.

At the close of NYMEX trading Thursday, WTI crude oil settled at $49.89 per barrel, 80 cents higher than the previous week’s closing price. Crude oil prices are nearing post OPEC agreement highs hitting a four-month high on Thursday. According to the Energy Information Administration, gasoline stocks decreased by 8.4 million barrels this week, which is the largest weekly decline since 1990 when data was first recorded.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

“Drivers across Maryland and the Mid-Atlantic region are seeing lower gas prices as compared to last week’s double digit increases. While gas prices went up immediately with Hurricane Harvey, they won’t fall as quickly,” says Christine Sarames Delise, a spokesperson for AAA Mid-Atlantic. “AAA continues to monitor the effects of Hurricanes Harvey and Irma. Gulf Coast refineries, initially shut down during Hurricane Harvey, continue to come back online. Regions also faced temporary delivery delays due to Hurricane Irma, but the extended waiver of the Jones Act intends to alleviate those delays.”

The Week Ahead

To alleviate local supply disruptions, the U.S. Department of Homeland Security approved a Jones Act waiver for areas affected by the storms. A revised Jones Act Waiver, in effect until September 22, expands the list of gasoline cargo loading and delivery ports in the U.S. The temporary waiver is intended to create flexibility in delivery of gasoline to Texas and Florida post Hurricanes Harvey and Irma. Temporary relief at the pump should also come from the extension of the multi-state waiver issued by the Environmental Protection Agency, which is allowing states, including Maryland, to sell reformulated gasoline without additives that reduce pollution during the summer.

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, September 22, 2017

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AAA provides automotive, travel and insurance services to 57 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 www.AAA.com.