Ragina C. Ali
Public Relations Manager, MD
O: (410) 616-1900 (ext. 4361152)
C: (443) 465-5020
RAli@aaamidatlantic.com

The Week

Drivers are feeling the love as they fill up this Valentine’s Day. Many local prices dropped again this week as oil prices remained lower, gas inventories on the East Coast increased slightly and demand for gasoline stayed at a typical lower wintertime level. Optimism over the possible peak of the coronavirus’ spread caused a spike in oil and gas prices earlier in the week, reaching some gas pumps in Maryland on Friday. However, until the international public health threat declines and China recovers from the virus’ impacts, crude prices are likely to remain lower.

 

The gas price average in Maryland today is $2.33, which is the same as last week, down 19 cents in the last month, and up 11 cents from this date last year.

 

Today’s national gas price average is $2.43, down respectively a penny in the last week and 14 cents in the last month, and up 15 cents from this time last year.


CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

 

 

 

Today

 

Week Ago

 

Month Ago

 

Year Ago

 

National

 

$2.43

 

$2.44

 

$2.57

 

$2.28

 

Maryland

 

$2.33

 

$2.33

 

$2.52

 

$2.22

 

Annapolis

 

$2.28

 

$2.28

 

$2.48

 

$2.18

 

Baltimore

 

$2.29

 

$2.28

 

$2.49

 

$2.19

 

Cumberland

 

$2.51

 

$2.54

 

$2.73

 

$2.35

 

Frederick

 

$2.31

 

$2.31

 

$2.51

 

$2.19

 

Hagerstown

 

$2.38

 

$2.42

 

$2.56

 

$2.27

 

Salisbury

 

$2.27

 

$2.22

 

$2.44

 

$2.12

 

Washington Suburbs

(MD only)

 

$2.44

 

$2.46

 

$2.60

 

$2.31

 

Crude Oil

 

$52.05

per barrel

(2/14/20)

 

$50.32

per barrel

(2/7/20)

 

$58.54

per barrel

(1/17/20)

 

$55.59

per barrel

(2/15/19)

 

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $52.05 per barrel, $1.73 higher than last Friday’s close. The continued anxiety over the spread of the coronavirus is causing some bounces in crude oil prices. Settlement prices have dropped below the $50 mark three times in the last 10 days, but rebounded over $51 three days this week. Late this week, the International Energy Agency (IEA) said that quarterly worldwide oil demand will shrink for the first time in more than a decade, adding to concern over the global energy outlook.

 

The Weekend

“While many drivers saw a decrease at the pump for another week, prices may increase following market optimism earlier this week that the coronavirus had peaked,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “However, motorists may see fluctuation in gas prices as that optimism has since faded regarding the virus’ status.”

 

The Week Ahead
Tuesday’s massive fire at the ExxonMobil refinery in Baton Rouge, Louisiana, is unlikely to affect U.S. gasoline prices. Preliminary reports from Exxon say there is no impact to the gas terminal, which would mean no impact on gas prices. Many refineries undergo seasonal maintenance ahead of the busy summer driving season and the Exxon refinery had not been expected to run at 100 percent.

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

                   

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, February 21, 2020

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

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.


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