The Week

Drivers saw little change in price this week at the gas pump. This week’s petroleum report from the Energy Information Administration (EIA) shows a stark drop in gasoline demand following a near-record high last week. Despite the week-over-week drop, demand is still strong, which – along with tighter supplies – have helped keep pump prices high this summer. Should demand figures trend lower in coming weeks, pump prices could be poised for a slight downturn. 

Today’s national gas price average is $2.87, which is unchanged in the last week, up a penny in the last month, and 51 cents higher than this time last year.

Maryland’s average is four cents lower than the national average at $2.83 per gallon, which is unchanged from last week, one cent higher than last month, and 49 cents more than last year on this date. The average gallon price for most regions across the state held steady from a week ago. After price increases the last two weeks, Hagerstown’s average finally dropped this week by a penny.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $66.81 per barrel, a $2.15 cent drop from last week.

Crude oil prices seesawed after reaching a seven-week settlement low on Wednesday to $66.94 per barrel. The slide came after the EIA weekly report showed gasoline demand decreasing and stocks building. Crude inventories were also higher than expected as fears of a trade war with China in addition to the re-instated sanctions against Tehran weighed on prices.  

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

 The Weekend

“Most Maryland drivers haven’t seen much of a change in pump prices this week, as prices in many areas remain flat after rising the previous week,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “However price volatility at the pump will likely continue for the balance of the summer, given the weekly fluctuations of crude prices, as well as gasoline supply and demand.”

The Week Ahead

Based on an updated report, the National Oceanic and Atmospheric Administration (NOAA) is now predicting a less active hurricane season. The likelihood of a near-normal season is now at 30 percent, and the chance of an above-normal season has dropped from 35 percent to 10 percent. So far, the season has seen four named storms, including two hurricanes. In late August 2017, Hurricane Harvey wreaked havoc across the Gulf Coast, in turn, causing widespread damage to refineries along the Gulf Coast, resulting in a jump in pump prices.

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.

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AAA provides automotive, travel and insurance services to 57 million members nationwide and more than 975,000 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.