The Week

Nationally and across the Mid-Atlantic region, gas prices have stayed relatively stable since last week following the flooding and destruction throughout North and South Carolina due to Hurricane Florence. In fact, Maryland’s prices are even trending downward.

Prices have not seen much movement because the Carolinas have pipelines and terminals, unlike the Gulf Coast, which is home to dozen of refineries. This means U.S. crude processing wasn’t impacted and therefore neither were gas prices nationally.

Today’s national gas price average is $2.85, which is unchanged in the last week, up two cents in the last month, and 25 cents higher than this time last year.

Maryland’s gas average is four cents less than the national average at $2.81 per gallon, which is three cents lower in the last week, one cent higher in the last month, and 21 cents more than last year on this date.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $70.32 per barrel, up $1.73 from a week ago.

On Wednesday, WTI contracts, for the second time this month, hit the highest price point since July following the latest Energy Information Administration (EIA) report showing a 2.1 million barrel draw in crude oil. This is the fifth week in a row that crude stockpiles have shrunk. Representatives of OPEC members and its outside allies will meet on September 23 when they are likely to discuss an official increase in crude output.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“With summer in the rearview mirror, gasoline demand has slumped, falling to one of its lowest rates for the season last week,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Supply and demand for gasoline seem to be in sync. However, that balance may tip soon as more gas stations begin to sell cheaper-to-produce winter blend gasoline – leading motorists to likely see pump prices drop in the coming weeks.”

The Week Ahead

As parts of North and South Carolina continue to recover from the impact of Hurricane Florence, gas prices in those states have not been severely impacted. Gasoline stocks in the hurricane-impacted area are healthy, but delivery of gasoline will be an impediment to meeting demand in coastal areas in the near future. As power is restored, water recedes and roads reopen, communities will have a better idea of how quickly fuel deliveries can be made to gas stations in the area. While fuel availability at stations is a concern, AAA expects station outages to be short-lived.

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, September 28, 2018

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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.