The Week

Gas prices across the Mid-Atlantic region have resumed their upward climb following days of inactivity. The increase is the result of ongoing tension in the Middle East offsetting U.S. crude oil production and inventory. Prices are expected to inch slightly higher as the May 1 deadline to switch over to summer-blend gasoline at the pumps approaches.

Today’s national gas price average is $2.70 per gallon, which is up four cents in the last week, up 18 cents in the last month and 29 cents higher than this time last year. Today’s price is now three cents higher than last year’s peak price on September 8 following Hurricane Harvey’s landfall.

Maryland’s average cost at the pump is a penny lower than the national average at $2.69 per gallon.  The state average is three cents more than last week’s price, 18 cents higher than last month, and 28 cents more than last year’s price on this date. Cumberland and the Maryland suburbs of Washington, DC are averaging well above the $2.70 per gallon mark.

At the close of NYMEX trading on Thursday, West Texas Intermediate (WTI) crude oil settled at its highest mark since December 2014 to $67.07 per barrel, up $3.53 from the previous week. As of late Friday afternoon, the commodity continued to trade above $67 per barrel. Although crude oil production and inventory quantities in the U.S. rose this week, the possible impact on supply from Middle East tension continues to loom. Also weighing on prices are shrinking global inventories of crude oil and the expectation of a supply cut extension from OPEC nations aimed at shrinking the glut of global crude oil supplies.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“After a week or so of relative stability, gas prices are creeping up nationally and across Maryland,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Warmer spring weather, coupled with the uncertain direction of oil prices and the switchover to more expensive summer-blend gasoline, will likely send pump prices higher as we approach Memorial Day.”

The Week Ahead

The Energy Information Administration (EIA) forecasts that for the summer driving season (April to September) motorists will pay an average of $2.74 per gallon for regular gasoline, the highest average summer gasoline price in four years. This forecasted price is 26 cents per gallon higher than the average price last summer ($2.41 per gallon), largely reflecting changes in crude oil prices.  For all of 2018, EIA expects U.S. regular gasoline retail prices to average $2.64 per gallon.

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, April 20, 2018 

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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 AAA.com.