The Week

Prices at the pump are holding steady and even dropping a penny or more on the week across the Mid-Atlantic region, including Maryland. This is a stark contrast to the last few weeks when drivers saw prices climb double digits since the first of the year.

Gas prices may be dipping regionally as a result of rising inventories of gasoline along the East Coast and an increase in crude oil supplies, in addition to the drop in oil prices this week.

Today’s national gas price average is $2.60 per gallon, which is unchanged from last week, but up 11 cents in the last month and 33 cents higher than this time last year.

Maryland’s average is also at $2.60 per gallon, which is a penny lower than last week, but eight cents more than last month and 34 cents higher than last year’s price on this date.  Metro areas across the state are experiencing slight decreases at the pump this week, with the exception of Cumberland. Salisbury is experiencing the largest weekly decline of five cents per gallon.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $61.15 per barrel, $4.65 lower than last week. Oil started the week above $64, but trended downward as the week progressed. As of late Friday afternoon, the commodity was trending below $60 per barrel for the first time this year, as the sell-off of equities appears to have spread to commodities.

U.S. crude production continues to grow with the latest Baker Hughes report reflecting an increase in active oil rigs by six to a new total of 765, which is 182 more rigs than last year’s count in early February.  Crude oil inventories also continue to increase after weeks of declines.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Drivers may finally start to see what they’ve been waiting for since January – a drop in pump prices,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “Albeit slight and potentially short-lived, the recent halt in gas price increases is a welcome break for motorists, before refinery maintenance season comes into play, which typically increases prices at the pump.”

The Week Ahead

As refineries begin going offline later this month to prepare for the production of summer blend gasoline and demand to-date at 6.1 percent higher than last year, prices will inevitably begin to rise as the end of February approaches.

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.

Follow us on Twitter: @AAAMDNews

Like us on Facebook: AAA Mid-Atlantic News

Mailing Address:
8600 LaSalle Road, Ste 639
Towson, MD 21286

AAA provides automotive, travel and insurance services to 58 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.