The Week

Maryland gas prices haven’t changed much in the last week, as many residents get ready to hit the roads for the year-end holidays. Most areas in Maryland are seeing prices within a few pennies of just one month ago. AAA forecasts that motorists can expect gas prices to edge cheaper in the coming weeks as regional refinery rates and gasoline stocks increase throughout the Mid-Atlantic and Northeast region.

The gas price average in Maryland today is $2.45, which is up one cent in the last week, down two cents from last month, and up 16 cents from this date last year.

Today’s national gas price average is $2.55, down respectively a penny in the last week and four cents in the last month, but up 19 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 $60.44 per barrel, 37 cents higher than last Friday’s close. Prices have remained over the $60 mark since last Friday. Crude hovered near its highest price in three months Thursday, supported by news that U.S. crude inventories had declined and that U.S. and China trade tensions continued to ease. Oil has also gained momentum from announcements about deeper output production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, beginning January 1.

The Weekend

“As millions of Americans plan to travel for the year-end holiday season, local gas prices remain relatively stable,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Regional gasoline stocks are at healthy levels thanks to imports, which are assisting in keeping the year-over-year gas price difference under 20 cents.”

The Week Ahead
The reduction in global crude supply is expected to help drain the market, which will likely be oversupplied during the first half of next year. This could potentially mean more expensive crude oil and gas prices in January as compared to the start of recent years, assuming crude demand remains robust.

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, January 3, 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.