The Week

After gas prices remained relatively unchanged last week, Maryland drivers this week are seeing a slight reversal, as end of summer approaches. Increased crude oil inventories led to a drop in crude oil prices mid-week, assisting the decrease in gas prices.

Maryland’s gas average is four cents lower than the national average at $2.81 per gallon, which is two cents lower from last week, four cents less than last month, but 49 cents more than last year on this date. All metro areas across the state experienced price declines this week with the largest decrease, six cents, in Salisbury.

The national average price at the pump is $2.85 per gallon, which is two cents less in the last week and in the last month, but 51 cents higher than this time last year.

For the second consecutive day, West Texas Intermediate (WTI) crude oil settled around the $65 per barrel range, the lowest level since mid-June. The commodity closed at $65.46 per barrel on Thursday, a $1.35 drop from last Thursday.

The Energy Information Administration’s (EIA) weekly report showed a surprising build in crude oil supplies, which sparked a drop in crude prices. Prices were also pushed lower by continuing worries about trade between the U.S. and Turkey and China, as well as sanctions on Iran. 

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“As prices begin to dip across the region, drivers hoping to get one last road trip in this summer could see savings at the pump,” said Christine Sarames Delise, a spokesperson for AAA Mid-Atlantic. “While a drop in price is welcome, there may be a last-minute spike as demand for oil and gasoline closer to the Labor Day holiday.”

The Week Ahead

The upcoming Labor Day holiday signals the end of the summer driving season, which means a lower demand for gasoline. In addition, the switchover to cheaper-to-produce winter-blend gasoline should have drivers paying less at the pump in the fall. Many parts of the country will see the switch take place starting in mid-September. Winter-blend fuel has a higher Reid Vapor Pressure (RVP) because the fuel must be able to evaporate at low temperatures for the engine to operate properly, especially when the engine is cold.

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.

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AAA provides automotive, travel and insurance services to 57 million members nationwide and more than 975,000 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.