The Week

Gas prices nationwide and in Maryland, on average, continue to decline although not as dramatically as in weeks prior and not in all regions. Despite the downward slide, prices have yet to drop to pre-Hurricane Harvey levels.

Today’s national average is $2.46 per gallon, which is two cents lower than this time last week, 15 cents lower than this time last month and 23 cents higher than this time last year.  While gas prices are more expensive than a year ago, the past five weeks of sustained weekly declines indicate that demand may be leveling out alongside refineries and pipelines returning to pre-hurricane operations.

Maryland’s average cost at the pump is pricing at eight cents per gallon less than the national average at $2.38 per gallon. The state’s average reflects a decrease of four cents from a week ago, a 24 cents drop compared to last month, but a 12 cents increase over last year’s price.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $51.29 per barrel, 69 cents higher than the previous week’s closing price. Factors contributing to slightly higher crude oil prices include an explosion at an oil rig in Lake Ponchartrain (north of New Orleans) and Iraqi troops engaging with Kurdish rebels in northern Iraq, near the nation’s oil fields.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Gas prices in the Mid-Atlantic region are poised to reach pre-Hurricane Harvey levels in the coming weeks, said Ragina Cooper Averella, Manager of Public and Government Affairs at AAA Mid-Atlantic.  “Drivers will see stabilized or decreasing prices at the pump throughout this month due to high refinery production rates and low seasonal demand.”

The Week Ahead

The International Energy Agency’s October Oil Market Report forecasted that three of the four quarters in 2018 will see the oil market in balance, assuming unchanged OPEC production and normal weather conditions. Based on the report, the global crude market is projected to see an inventory build of 800,000 barrels per day during the first quarter of 2018. Moreover, growth in oil demand is expected to match the increase in production next year from nonmember countries of OPEC, such as the U.S., and could cap oil prices throughout 2018.

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. No other fuel price research tool has such a large, automatically generated database that is especially useful in generating local average prices which are more meaningful for consumers.

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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  Next Weekend Gas Watch: Friday, October 27, 2017

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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 www.AAA.com.