The Week

Motorists in the Mid-Atlantic and Northeast regions saw gas prices moderately increase for another week as crude oil prices remained above the $55 mark and a number of refineries continued planned and unplanned maintenance. Locally, prices have increased 18 cents statewide and between five and 25 cents regionally since the beginning of the year. Statewide, prices are within seven cents of last year’s price, although regional prices vary with some standing within 20 cents of last year’s price. The national gas price average has increased nearly 20 cents since the beginning of the year, which is the largest jump during the January-February timeframe since 2015.

Maryland’s average price is six cents less than the national average at $2.40 per gallon. The state average is five cents higher than last week, 18 cents more than last month, and seven cents per gallon less than last year on this date.

Today’s national gas price average is $2.46, which is up four cents in the last week, up 18 cents in the last month, and is seven cents less than 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 $56.07 per barrel, 27 cents higher than last Friday. Prices moved very little this week (less than $1) as multiple factors balanced one another out. Crude prices were supported by OPEC’s production cuts and U.S. sanctions against Iran and Venezuela. This week, Venezuela’s state-run oil firm cited trouble accessing tankers and personnel to export its oil. In stark contrast, crude oil stockpiles in the U.S. grew as production remained at a record 12.1 million barrels per day, an increase of more than 2 million barrels per day since early 2018.

The Weekend

“As winter weather turns to spring in the coming weeks, motorists can expect pump prices to continue rising as a result of increased demand and diminishing gasoline stocks,” says Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Other factors – including continued refinery maintenance and the nationwide switchover to summer blend gasoline (by May 1) – could also cause an increase in gasoline prices.”

The Week Ahead

Last year, the national gas average topped out at $2.96, 50 cents more than today’s national average. While prices may not rise that high in 2019, increased gasoline demand as winter turns to spring and the shift to more expensive summer blended gasoline typically send prices upward ahead of the busy summer driving season.

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

• Shell Fuel Rewards Program for AAA MembersAAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.
• Fuel Price Finder (AAA.com/fuelfinder) locates the lowest fuel price in your area.
• Fuel Cost Calculator (FuelCostCalculator.AAA.com) 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 15, 2019

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AAA provides automotive, travel and insurance services to over 59 million members nationwide and more than 982,000 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.