The Week

Just when it appeared that Maryland's average price was on track to hit $3.00 per gallon over the holiday weekend, the state average rose only as high as $2.99 per gallon on May 28, Memorial Day, and has been trending downward for the balance of this week.  The average price nationwide and across Maryland is now lower than a week ago with the exception of Cumberland. This development comes as crude oil prices start to fall following some of the highest prices in three years. 

Today’s national gas price average is $2.96 per gallon, which is down a penny in the last week, but up 15 cents in the last month and is 58 cents higher than this time last year.

Maryland’s average is a penny lower than the national average at $2.95 per gallon, which is three cents less than last week, but up 16 cents from last month, and 58 cents more than last year on this date.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $67.04 per barrel, down $3.67 from a week ago.  Oil prices began heading lower right before Memorial Day, remaining below $70 per barrel this week, based on reports that OPEC, Russia and several other oil-producing nations could soon curtail their deal to decrease output.  Analysts believe the drop in crude prices this week was offset by slight increases in supplies of gasoline.  

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Crude oil prices have started to fall following some of the highest prices seen in three years,” said Christine Sarames Delise, a spokeswoman for AAA Mid-Atlantic. “If this trend holds, drivers may continue to see some relief at the pump.”

The Week Ahead

Hurricane season begins June 1 (through November 30) and is predicted to be near-average with 14 named storms, of which six would become hurricanes. Of the six predicted hurricanes, two are expected to spin into major hurricanes (category 3, 4 or 5 ) with sustained wind speeds of 111 mph or greater. Meteorologists say there is a 51 percent chance of a major hurricane landfall somewhere along the U.S. coastline. Gas prices reached their highest levels of 2017 following damage and disruption to oil and gas refineries along the Gulf Coast caused by Hurricane Harvey last September.  Any such disruption would send crude oil, and in turn gasoline, prices higher almost instantly.

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 8, 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.