The Week

Monday kicked off with Maryland’s gas average holding steady and many areas following suit, but some regions, notably Western Maryland, experienced significant increases compared to the previous week. However, by the end of the workweek, prices have reversed course across the state. Cumberland, which remains a penny higher compared to last week’s price, is the exception. This price change will likely reverse course again, as a spring spike is anticipated to begin in the weeks ahead.

Today’s national gas price average is $2.53, which is down a penny in the last week, down seven cents in the last month, but 23 cents higher than this time last year.

Maryland’s average is a nickel lower than the national price at $2.48 per gallon, which is two cents less than last week and 12 cents less than last month, but 20 cents higher than last year’s price on this date. While Hagerstown was experiencing significant price increases during the early part of this week compared to the week prior, the area is reporting a significant weekly drop in the average price today, by five cents. 

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $60.12 per barrel, down $2.45 from Monday’s close and the lowest price for the week thus far. Crude prices have been under pressure lately as forecasts for U.S. oil production over the next several years continue to indicate big increases. The latest Energy Information Administration (EIA) report showed U.S. commercial crude inventories increased by 2.4 million barrels last week and over the past two weeks, storage levels have swelled by 5 million barrels. On Tuesday, the EIA released updated its Short-Term Energy Outlook, noting WTI crude oil prices will average $58 per barrel in 2018 and 2019.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“This year, fluctuating crude oil prices, strong gasoline demand and new U.S. oil production records have created a volatile gas price market from month to month for consumers,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Typically, March brings more expensive pricing as days get longer, weather gets warmer and refineries gear up to switchover to pricier summer blends.”

The Week Ahead

Last week, President Trump announced a plan to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports with the President signing a proclamation Thursday afternoon during a White House event featuring steel and aluminum workers. A letter from eight U.S. oil and gas trade associations urged the President to at least allow exemptions for energy projects materials if he moves ahead with the plan. The letter stated that new tariffs may delay or cancel future projects resulting in, among other things, potential higher prices at the pump.

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, March 16, 2018

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AAA provides automotive, travel and insurance services to 58 million members nationwide and more than 951,000 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.  AAA is a non-stock, non-profit corporation working 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.