The Week

Maryland is slowly recovering from the recent spike in gas prices, following the September 14 attacks on a major Saudi Arabian oil production facility almost two weeks ago. The combination of lower crude oil prices (down $2.18 in the last week) as well as an increase in both oil and gasoline supplies has kept local prices from going up.

The gas price average in Maryland today is $2.55, which is down one cent in the last week, up six cents in the last month and is 24 cents lower than on this date last year.

Today’s national gas price average is $2.65, down one cent in the last week, up seven cents in the last month and down 22 cents from this time last year.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $55.91 per barrel, $2.18 lower last Friday’s close. Crude prices fell this week as a result of the quicker-than-expected recovery of Saudi oil output, an increase in crude oil inventory and sluggish economic data, hinting at a lessening demand for fuel.

The Weekend

“After a week or so of price spikes at gas pumps around Maryland, oil and gas markets are starting to stabilize,” says Jeanette Tejeda de Gomez, Senior Public Affairs Specialist for AAA Mid-Atlantic. “Retail gas prices are heading lower in most areas in the region, but drivers could still see some fluctuation through the end of September as Saudi Arabia’s crude production returns to full capacity.”

The Week Ahead

Gas prices have stabilized in recent days after a double-digit price increase per gallon following the Saudi Arabia oil facility attacks nearly two weeks ago. As the Saudi facility returns to full capacity, pump prices are poised to return to their seasonal decline due to several factors, including less expensive crude oil prices, the drop-off in gasoline demand after Labor Day and the move to winter-blend gasoline (which occurred September 15).

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. 

AAA is the most comprehensive resource for gas prices. AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.

Next Weekend Gas Watch: Friday, October 4, 2019

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AAA provides automotive, travel and insurance services to over 59 million members nationwide and more than 982,000 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.