TOWSON, MD (August 13, 2018) – The national gas price average has held relatively flat for the last two weeks, while Maryland’s prices have been up and down. 

Today’s national average is $2.86 per gallon, which is one cent less than last week, three cents less than one month ago and 51cents more than this time last year.

This week most prices across Maryland are lower with the state average down three cents to $2.83 per gallon, which is unchanged from last month but 50 cents per gallon higher than last year on this date. Salisbury is experiencing the largest weekly decline, six cents per gallon, of the state’s metro areas.

The Energy Information Administration’s (EIA) latest report details a drop in consumer gasoline demand and a build in gasoline inventories. In fact, this was the first increase in inventories in six weeks with a substantial addition of three million barrels.

“Two weeks into August, gas prices appear to be stabilizing and even declining in some regions,” said Christine Sarames Delise, a spokesperson for AAA Mid-Atlantic. “But that’s not to say that we could see an uptick in prices closer to Labor Day, as motorists fill up more to squeeze in those final road trips.”

Mid-Atlantic and Northeast Gasoline Supplies

Gasoline inventories for the Mid-Atlantic and Northeast region remained relatively flat at 64 million barrels on the week, according to the latest EIA data available. Total inventory levels are on par with levels this time last year. If they tighten, gas prices would likely increase.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil increased 82 cents from Thursday to settle at $67.63 per barrel.

Oil prices took a slight step back last week after EIA’s report showed a smaller-than-expected drawdown of crude inventories. Falling approximately 1.35 million barrels, total crude inventories now sit at 407.4 million barrels, which is roughly 68 million barrels lower than where they were this time last year.

Lower crude stocks, amid high global crude demand, have helped to increase global crude prices this year over last. However, if total domestic crude inventories continue to disappoint the market this week, oil prices may slide further.

In related news, according to Baker Hughes, Inc., the U.S. added 10 oil rigs last week, bringing the total to 869. Currently, there are 101 more active rigs this year than last year at this time.

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.