TOWSON, MD (July 9, 2018) – The national gas price average is $2.87 per gallon, which is a penny more expensive on the week. Today’s average is six cents cheaper than last month, but 61 cents more expensive than at the same time last year.

Maryland’s average of $2.84 per gallon has jumped four cents in the past week, placing the state fifth in the nation with the largest weekly change in gas prices. The state average is a nickel lower than last month’s price, but 60 cents higher than on this date last year.

Pump prices in nearly 30 states are seeing a jump of as much as eight cents, including neighboring Delaware where the “First State” ranked first in the nation with the largest average weekly increase at the pump. However, a dozen states saw prices drop and another dozen states’ gas price averages remain stable from last Monday.

“Demand for gasoline this summer remains very strong week-over-week, driving gas prices higher alongside rising crude costs,” said Christine Sarames Delise, a AAA Mid-Atlantic spokesperson. “Today motorists are seeing gas for $2.76 or more at 56 percent of gas stations across the country, including throughout Maryland, while Cumberland’s average has reached the $3.00 per gallon benchmark.”

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

Mid-Atlantic and Northeast Gasoline Inventories

Following last week’s 1.2 million barrel build, the Mid-Atlantic and Northeast region saw the largest gasoline draw of any region in the country at 1.6 million barrels this week, according to the latest Energy Information Administration (EIA) data. The Mid-Atlantic and Northeast region inventory level now measures 65.5 million barrels, the lowest level recorded for the region in the month of June and a potential factor driving up prices this week.

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil increased 86 cents from the previous day’s closing price to settle at $73.80 per barrel. Crude prices trended lower last week following EIA’s report that showed U.S. crude oil inventories increased by a total of 1.3 million barrels last week. It was the first time in three weeks that the U.S. has seen a build in inventories, which typically sees drawdowns throughout the summer.

The surprise build in total crude stocks gave market observers pause amid a slew of other factors influencing the oil market, including increasing geopolitical factors – in Iran, Libya, and Venezuela – potentially destabilizing global supply. Moving into this week, market observers will watch these factors to determine their impact on supply. If it appears that supply could be reduced amid high global crude demand, oil prices may increase.

Despite the weekly build in crude stocks, oil inventories in the U.S. are 85 million barrels lower than this time last year at 417.9 million barrels.

In related news, the U.S. oil rig count increased by five last week, according to Baker Hughes, Inc., bringing the total number of rigs to 863. When compared to last year’s count at this time, there are 100 more rigs presently.

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.

   

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Mailing Address:
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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.