The Week

As states continue to reopen, local drivers are seeing another week of increases at the pump as the statewide gas price average for Maryland has gone up by at least eight cents in the last week. Despite consistent increases at the pump, prices are still significantly cheaper year-over-year as local drivers are paying at least 50 cents less than last year.

The gas price average in Maryland today is $2.10, which is up respectively eight cents in the last week and 23 cents in the last month, but down 53 cents from this date last year.

Today’s national gas price average is $2.09, up respectively nine cents in the last week and 24 cents in the last month, but down 63 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 $36.26 per barrel, $3.29 lower than last Friday’s close. The price of crude oil dropped more than $3 Thursday, following a weekly increase in U.S. inventories, evidence of climbing COVID-19 cases and a murky economic outlook from the Federal Reserve. Prices had been on the upswing earlier in the week, boosted by the news that OPEC+ countries had agreed to extend oil production cuts into at least July.

The Weekend

“As crude oil prices and gasoline demand rise, local drivers will see gas prices increase, which is typical during the summer driving season. However, gas prices will be cheaper than last summer,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As our region continues to reopen and pump prices increase, drivers are still paying at least 50 cents per gallon less than this time last year.”

The Week Ahead

According to the Energy Information Administration’s (EIA) Short Term Energy Outlook, reduced economic activity related to the COVID-19 pandemic has caused changes and uncertainties in energy supply and demand patterns in 2020. The forecast for rising crude oil prices reflects expected declines in global oil inventories during the second half of 2020 and through 2021.

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. 

Next Weekend Gas Watch: Friday, June 19, 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.