The Week

Drivers across the Mid-Atlantic region may be pouting as they head to the pump, paying more for gas than they did last week. High gasoline demand, tightening supplies, and an increase in crude oil prices have made way for prices in some areas of Maryland as high as eight cents per gallon, on average, compared to last week’s cost.

Today’s national gas price average is $2.56 per gallon, which is four cents higher than one week ago, seven cents higher than one month ago and 36 cents higher than this time last year.

Maryland’s average cost at the pump is pricing four cents lower than the national average at $2.52 per gallon. The state’s average reflects an increase of seven cents from a week ago, a nine cents rise compared to last month, and a 31 cents increase over last year’s price.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $57.17 per barrel, $2.63 higher than the previous week.  Yesterday’s closing price reflects the third day this week crude oil settled above $57 and the highest prices in two years.  Political tensions in the Middle East, particularly in oil producing Saudi Arabia and Iran, have been a factor driving oil prices higher this week.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

October has seen strong demand for gasoline likely, in part, due to consumers taking advantage of the unseasonably warm weather,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As consumers fill up their tanks more frequently, we are seeing supply levels tighten and gas prices increase. However, we don’t expect this increase to be long-term, particularly as drivers start to hunker down with the arrival of colder weather.”

The Week Ahead

U.S. regular gasoline retail prices averaged $2.51 per gallon in October, a decrease of 14 cents from the September average, which reflected the effects of market disruptions following hurricanes Harvey and Irma. The Energy Information Administration (EIA) forecasts the regular gasoline retail price will average $2.47 per gallon in November and $2.39 per gallon in December. EIA forecasts that regular gasoline retail prices will average $2.40 a gallon in 2017 and $2.45 a gallon in 2018.

    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, November 17, 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 AAA.com.