The Week

As temperatures continue to drop so have prices at the pump.  Like the national gas price average, Maryland’s average cost at the pump has dropped, by 10 cents, compared to this time last month. Many areas across the state are following suit, ranging from three to 13 cents per gallon drop with the exception of Hagerstown, which experienced a four cents monthly increase. Most drivers can expect pump prices to continue to decline heading into the holiday season, as supply strengthens and gasoline demand weakens.

U.S. gasoline supplies have grown each week for the past five weeks and total stockpiles were up by 5.7 million barrels for the week ending December 8, according to the Energy Information Administration (EIA). Over this time span, total gasoline inventories have increased by approximately 17 million barrels

Today’s national gas price average is $2.45 per gallon, which is two cents lower than one week ago, 11 cents lower than one month ago, but 22 cents higher than this time last year.

In Maryland, the average price for gas is two cents lower than the national average at $2.43 per gallon, which is two cents less than last week, 10 cents less than last month, and only 15 cents higher than last year on this date.  The year-over-year price gap has been narrowing since mid-November when Maryland’s average was as high as 31 cents per gallon versus last year’s prices.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $57.04 per barrel, 45 cents higher than the previous week. The International Energy Agency reported this week that total oil supply growth may outpace the increase in global demand in the coming year, with supply from the non-members of OPEC expected to rise. The Energy Information Administration forecasts WTI crude oil prices will average $53 per barrel in 2018.    

                          CURRENT AND PAST GAS PRICE AVERAGES

                                        Regular Unleaded Gasoline

The Weekend

“Nationally, gas prices are 11 cents cheaper on the month and will continue to drop as we count down the days to the holidays,” said Christine Sarames Delise, a spokeswoman for AAA Mid-Atlantic. “AAA expects gasoline demand to weaken throughout the winter, which translates to better prices at the pump.” 

The Week Ahead

AAA forecasts 107.3 million Americans will take to planes, trains, automobiles and other modes of transportation during the year-end holiday period.  Despite paying the highest year-end gas prices since 2014, more than ninety percent of all travelers – 97.4 million – are planning a holiday road trip, an increase of three percent over last year.  This will be the highest year-end travel volume on record and a 3.1 percent increase in travel volume compared with last year. 2017 marks the ninth consecutive year of rising year-end holiday travel. 

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, December 22, 2017

   

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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.