The Week

As Marylanders stay close to home and vehicle usage has dropped to essential trips only, demand for gasoline and gas prices have dropped, as well. The gas price average in Maryland today is $2.05, which is down respectively 12 cents in the last week, 38 cents in the last month, and 60 cents from this date last year. Gas prices in Salisbury are below $2, while prices in Annapolis, Frederick, and Hagerstown are at $2. Baltimore’s average sits at $2.01.

Mirroring Maryland, today’s national gas price average is also $2.05, and is down respectively 12 cents in the last week, 41 cents in the last month and 62 cents from this time last year.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $21.51 per barrel, 92 cents lower than last Friday’s close, down 52% in the past month and down $39.67 (65%) since the beginning of the year. Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health, financial and economic impact of COVID-19 and the crude price war between Russia and Saudi Arabia. Volatility in the oil market continues as the market weighs the potential benefits of stimulus efforts by policymakers around the world against the demand destruction caused by fallout from the rapid spread of the coronavirus. The head of the International Energy Agency said that oil requirements around the world may drop by 20% as three billion people are in lockdown.

The Weekend

“Demand for both crude oil and retail gasoline continues to decrease as fewer drivers are on the road, causing local and national gas prices to drop to levels not seen in years,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As the price of crude oil drops to levels not seen since the early 2000s, gasoline prices are following suit. Maryland motorists are paying under $2.00 at many stations across the region.”

The Week Ahead

The last time the national average for a gallon of regular unleaded gasoline was under $2 was more than four years ago. Maryland last saw prices under $2 in March of 2016.

AAA has a variety of resources to help motorists save on fuel:

• Shell Fuel Rewards Program for AAA Members: (https://www.AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.

• Fuel Price Finder (https://www.AAA.com/fuelfinder) locates the lowest fuel price in your area. 

• AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses. 

• TripTik Mobile (https://www.aaa.com/mobile) plots fuel prices along your travel route. 

• AAA's Member Rewards Visa® Credit Card (https://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases. 

AAA is the most comprehensive resource for gas prices. AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.

Next Weekend Gas Watch: Friday, April 3

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AAA provides automotive, travel and insurance services to over 60 million members nationwide and nearly 988,000 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.