The Week

Drivers in Maryland and across the Mid-Atlantic region continue to see lower prices at the pump as the summer driving season accelerates ahead of the Independence Day holiday. Although crude oil supplies are lower this week, according to the Energy Information Administration (EIA), gasoline supplies are up nationally and on the East Coast.

Today’s national gas price average is $2.86 per gallon, which is down four cents in the last week and seven cents less than a month ago, but 58 cents higher than this time last year.

Maryland’s average is five cents lower than the national average at $2.81 per gallon, which is a nickel less than last week and 13 cents lower from last month, but 56 cents more than last year on this date.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $65.54 per barrel, down 68 cents from a week ago.

Members of OPEC met today to discuss increasing the amount of crude produced by its members and ultimately decided to increase production by one million barrels per day, but the actual increase will likely be around 600,000 to 700,000 barrels per day, as some members are unable to boost production. This increase may be short of implied world demand, potentially causing crude prices to increase in the short-term. As of Friday afternoon, the commodity was trading at over $68 per barrel. 

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Drivers are enjoying another week of lower prices at the pump due to crude oil prices staying static all week,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Analysts have been awaiting the outcome of the OPEC meeting and will pay very close attention to see the effect it has on crude prices in the coming weeks. As of Friday, the oil market was already rallying, but hopefully that is not a precursor to what lies ahead for the price of crude oil.”

The Week Ahead

A record-breaking 46.9 million Americans will travel 50 miles or more away from home this Independence Day holiday, an increase of more than five percent compared to last year and the highest number since AAA started tracking holiday travel 18 years ago. For the 39.7 million Americans planning a Fourth of July road trip, higher gas prices are not standing in the way.

• Automobiles: The vast majority of travelers – 39.7 million – will hit the road this Independence Day, 5.1 percent more than last year.

• Planes: A record-breaking 3.8 million people will travel by air, a 7.9 percent increase and the ninth year of consecutive air travel volume increases.

• Trains, Buses and Cruise Ships: Travel across these sectors will increase by 5.8 percent to a total of 3.5 million passengers.

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 29, 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.