The Week

High travel volumes over the holidays drove gas prices higher over the past two weeks locally and nationally, and are at the highest level since 2014 when the national average was $3.32 and $3.46 in Maryland on this date.

Today’s national gas price average is $2.49 per gallon, which is a penny more than one week and one month ago, and 13 cent higher than this time last year.

In Maryland, the average price for gas is back over the $2.50 per gallon mark for the first time since November 20.  The state average is trending two cents higher than the national average at $2.51 per gallon, which is four cents higher than last week, five cents more than last month, and 13 cents higher than last year on this date. 

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $62.01 per barrel, $3.92 higher than the previous week. Crude oil prices ended 2017 at the highest levels since 2013. West Texas Intermediate (WTI) crude oil prices averaged $51 per barrel in 2017, up $7 per barrel from the 2016 average, and ended the year at $60 per barrel, $6 higher than at the end of 2016. Moving into 2018, prices are expected to continue rising as OPEC’s production reduction agreement will remain in place for the entirety of 2018.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Although prices at the pump shot up over the holidays, now that the holiday season is in the rearview mirror, gas prices are anticipated to trend downward this month, as we are likely to see a significant drop in gasoline demand,” said Christine Sarames Delise, Senior Public Affairs Specialist for AAA Mid-Atlantic.

The Week Ahead

The first two months of the year are typically the times of year that gasoline demand is at its weakest, and with builds in gasoline stock anticipated next week, prices will have a hard time going much higher in the short term.

However, looking ahead, Tom Kloza, global head of energy analysis for the Oil Price Information Service (OPIS), believes the national average price for a gallon of regular gas could rise by as much as 50 cents by the spring/summer driving season thanks to increased demand and refinery maintenance that was put off last year due to Hurricane Harvey in the southern portion of the country.

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, January 12, 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.