Maryland drivers are finding both good news and bad news at the pump. The good news is that local gas prices continue to drop slightly but the bad news is that many areas are seeing prices between 50 and 60 cents higher than one year ago.

With strong summer consumer gasoline demand expected in the months ahead, AAA Mid-Atlantic says motorists can expect little relief at the pump with the national gas price average expected to range between $2.85 and $3.05 through Labor Day. Maryland’s average cost range will likely be slightly lower than the national range given historical trends.

Today’s national gas price average is $2.90 per gallon, which is down three cents in the last week, but up two cents in the last month and 58 cents higher than this time last year.

Maryland’s average is four cents lower than the national average at $2.86 per gallon, which is three cents less than last week and two cents lower from last month, but 58 cents more than last year on this date.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $66.86 per barrel, up 91 cents from a week ago. A report from the U.S. Energy Information Administration (EIA) released Wednesday showed that domestic crude stockpiles fell by 4.1 million barrels, the biggest one-week drop since late March. Analysts continue to wait on the decision by members of OPEC to ease production cuts. The cartel will meet June 22. As a result of the cut in production, crude has nearly tripled from its 2016 low of $26 a barrel.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Drivers may be enjoying a continued drop in gas prices but they shouldn’t get too comfortable with the savings,” said Ragina Cooper Averella, Public and Government Affairs Manager for AAA Mid-Atlantic. “Motorists nationwide can expect to spend an additional $200 or more on gas this season, fueled by the price of crude and the high demand for gasoline.”

The Week Ahead

Consumers nationwide are spending an average of $69 more a month to fill-up compared to last summer. According to AAA, gasoline expenses are accounting, on average, for seven percent of an American’s annual income, a one and a half percent increase since summer of 2017.

According to a AAA survey conducted earlier this year, only one in three (33 percent) respondents said they would change travel plans if gas prices hit $3, while nearly half (47 percent) say $3.50 would be the game changer for their summer plans.

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, June 22, 2018

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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.