The Week

The summer driving season ended on a high note for local motorists as prices at the pump continued their decline. Although demand for gasoline remains high, prices will most likely continue to drop over the next few weeks and months as the switchover to winter-blend gasoline, a less expensive blend, occurs. Local drivers can also breathe a sigh of relief with Hurricane Dorian moving into the Atlantic, as its impact should not affect gas prices in the Northeast region of the country.

The gas price average in Maryland today is $2.41, which is down respectively five cents in the last week, 23 cents in the last month and is 41 cents lower than on this date last year.

Today’s national gas price average is $2.57, down respectively a penny in the last week, 13 cents in the last month and 28 cents compared to 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 $56.52 per barrel, $1.42 higher than last Friday’s close. Oil prices were lifted mid-week by news of increased Middle East tensions following a reported Yemeni missile attack on Saudi Arabia. These tensions could affect talks between the U.S. and Iran. In the Energy Information Administration’s latest report, total domestic crude stocks fell last week. Despite the drop, stocks are higher than were they were at the end of August 2018. The higher inventory levels have contributed to cheaper crude prices, helping to keep gas prices less expensive than last summer.

The Weekend

“Though Hurricane Dorian has pushed gas prices higher in Florida, it is due to increased demand and shortages which is a result of storm preparations, not production disruptions,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Because the storm has not threatened major oil and gasoline infrastructure, it should not affect prices in Maryland.”

The Week Ahead

OPEC and allied non-OPEC partners are scheduled to meet in Abu Dhabi next week to review their progress in stabilizing world oil markets. The meeting is likely to provide clues about how far some of OPEC’s most powerful players are willing to go to firm up prices as WTI crude prices sit more than $10 lower than they were just one year ago. The full coalition will gather again in Vienna at the end of the year to decide whether any further action is required for 2020.

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

• Shell Fuel Rewards Program for AAA Members: (https://www.AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.

• Fuel Price Finder (https://www.AAA.com/fuelfinder) locates the lowest fuel price in your area. 

• AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses. 

• TripTik Mobile (https://www.aaa.com/mobile) plots fuel prices along your travel route. 

• AAA's Member Rewards Visa® Credit Card (https://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases. 

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, September 13, 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.