The Week

As local drivers warm up to the idea of a spring or summer road trip, they are not warming up to the continued higher prices at the pump. The Maryland statewide gas average currently ranks as the 18th highest in the nation. AAA expects the national gas price average will increase over the next few weeks, but will not reach last spring’s high of $2.92.

The Maryland statewide average is one cent higher than last week, 29 cents more than last month, and three cents higher than last year on this date.

Today’s national gas price average is $2.69, which is up eight cents in the last week, up 28 cents in the last month, and is four cents more 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 $60.14 per barrel, $1.10 more than one week ago. Oil prices were supported this week by a report from the U.S. Energy Information Administration (EIA) showing U.S. crude stocks increased by 2.8 million barrels last week. Despite the increase in supply, oil prices have rallied about 25 percent since January 1. As OPEC continues to implement its agreement with other global crude producers to cut production through June, crude prices could be pushed higher, possibly up to $65, which can propel gas prices higher.  OPEC has announced that it will not meet in April to discuss the pact; instead, it will meet on June 25 and 26 and may announce a decision to end or extend its agreement at that time.

The Weekend

“Area drivers will agree that March gas prices came in like a lion and they can be sure prices will not go out like a lamb,” says Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “State gas price averages are very similar to a year ago give or take a few pennies, but spring pump prices for the majority of motorists are not expected to elevate to the nearly $3 per gallon level of last May.”

The Week Ahead

AAA expects summer 2019 gas prices to be on par with prices during summer 2018, with May seeing the highest prices of the year. Heading into summer, a variety of factors, including U.S. supply-demand levels, U.S. production and crude prices will help better shape the summer forecast. AAA’s latest Gas Price survey found that if gas prices remain low, one in three Americans would likely plan another summer road trip, while 27 percent would increase the distance of one – with Generation X more likely to do both than Baby Boomers.

AAA has a variety of resources to help motorists save on fuel:

• Shell Fuel Rewards Program for AAA Members (AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.
• Fuel Price Finder(AAA.com/fuelfinder) locates the lowest fuel price in your area.
• Fuel Cost Calculator(FuelCostCalculator.AAA.com) 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.