The Week

As gas prices continue their post-Thanksgiving decrease across Maryland, the weekly drop has slowed a bit due to a slight rebound in crude oil prices following a decision by OPEC to cut production beginning January 2019.

Today’s national gas price average is $2.39, which is down five cents in the last week, down 28 cents in the last month, and is six cents less than this time last year.

Maryland’s average price is eight cents less than the national average at $2.31 per gallon. The state average is three cents lower than last week, 20 cents less than last month, and 12 cents per gallon less than last year on this date.

Crude Oil

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $52.58 per barrel, an increase of $1.09 from last Thursday. Prices moved higher Thursday amid talk of a steep cut in Saudi oil exports to the U.S. in the coming weeks in an effort to shrink the buildup in U.S. crude oil inventories.

Crude prices also drew support from indications that the trade war between the U.S. and China may be easing. Last week, OPEC announced that beginning in January 2019, the cartel – alongside non-OPEC members, including Russia – will reduce combined crude oil production by 1.2 million barrels per day. The cut will be in place for six months and will use October 2018 as a baseline, a time when OPEC and Russia had less crude output than in November.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline 

The Weekend

“Local drivers continue to enjoy the lowest gas prices of the year as they fill up at the pump,” said Christine Sarames Delise, a spokeswoman for AAA Mid-Atlantic. “However, with the recent announcement from OPEC to reduce crude oil production in 2019, cheaper gas prices may not last long into the new year.”

The Week Ahead

Currently, drivers are enjoying the lowest prices of the year, and most Marylanders are filling up paying three to 19 cents per gallon less than this same time last year, a welcome holiday gift this season.

However, the continuing drop in gas prices may not last much longer. While AAA Mid-Atlantic believes many drivers could see one last slight decrease heading into the last two weeks of December, come January prices could possibly reverse course as OPEC’s oil production cuts take effect.

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 over 59 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.