The Week

It has been madness at the pumps thus far for the month of March, as prices have been up, down, and back up again, with the pattern varying for different regions across Maryland.

Today’s national gas price average is $2.53, which is unchanged in the last week, down one cent in the last month and 24 cents higher than this time last year.

Maryland’s average is a penny lower than the national price at $2.52 per gallon, which is four cents more than last week, one cent less than last month, and 22 cents higher than last year’s price on this date. Annapolis, Baltimore, and the Maryland suburbs of Washington are experiencing a notable uptick in the price at the pump this week compared to other areas of the state in which prices are relatively stable.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $61.19 per barrel, up $1.07 from the previous week’s close. 

After closing as high as $62.60 per barrel last week, prices have remained relatively static over the week trading in the $60 to $61 per barrel range. Crude oil prices could increase following the International Energy Agency’s (IEA) warning Thursday that oil demand could outstrip supply, despite the ramp up in shale output. The IEA reported global demand for oil should grow by an average 99.3 million barrels in 2018, an increase over last month’s reported forecast.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“It’s been madness at the pumps for the month of March given the various price swings across the state of Maryland,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Fortunately, strong crude and gasoline output has kept a lid on any significant price jump. However, as high demand for gas continues its streak and refineries dial down for maintenance and switch to summer blend gasoline, prices will likely continue to head in one direction only – upward – in the coming weeks.”

The Week Ahead

This week’s Energy Information Administration (EIA) data showed total gasoline inventories are down 6.3 million barrels. One cause leading to the draw was the beginning of a purge in winter gasoline from storage tanks in several regions. One impressive figure from the EIA report was for gasoline demand, which came in last week at 9.642 million barrels per day. This demand figure was the highest since the week ending Aug. 25, and nearly 400,000 barrels per day over the same time last year.

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, March 23, 2018

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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.