The Week

The nationwide average price of gas continued to increase this week, although not at the rate seen in previous weeks. Meantime, Maryland’s average, along with some metro areas, is holding steady or even declining slightly. However, a few areas across the state, notably Frederick and the Maryland suburbs of Washington continue to experience week-over-week price increases.

Today’s national gas price average is $2.82 per gallon, which is up two cents in the last week, up 16 cents in the last month and 45 cents higher than this time last year.

Maryland’s average cost at the pump is four cents lower than the national average at $2.78 per gallon.  The state average is unchanged from last week’s price, but 10 cents higher than last month, and 43 cents more than last year’s price on this date.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $68.43 per barrel, nearly on par with the previous week’s price. Crude oil exports were at 2.148 million barrels per day (b/d) last week. This is a drop from the previous week’s high of 2.331 million b/d, which was the highest weekly estimate on record from the Energy Information Administration (EIA).

The EIA also reported that consumer gasoline demand is at 9.090 million b/d, remaining flat from the previous week. During the past two weeks demand levels have been more in line with the usual spring driving season than the nearly 9.9 million b/d estimate reported in the middle of April – a record-breaking figure that more closely resembles demand rates seen during the high-demand summer driving season.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Many Marylanders are finding relief at the pump this week with prices holding steady or dropping slightly, as gasoline demand remains flat for the second consecutive week,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “However, any price break at the pump is anticipated to be temporary, as prices are expected to continue rising, potentially another 5 to 10 cents, through Memorial Day.”

The Week Ahead

The national retail average price of self-serve regular gasoline could hover well shy of the three dollar mark, around $2.87 to $2.92 per gallon, through Memorial Day, the official start of the summer driving season. Consumers could face the most expensive driving season in four years or since 2014, according to AAA. Drivers in nine states are already grappling with pump prices that have hit the $3/gallon mark, including neighboring Pennsylvania, but it is unlikely the national or Maryland average will soar that high.

Next Weekend Gas Watch: Friday, May 11, 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.