The Week

Maryland drivers have enjoyed a second week of stable or slightly decreased pump prices, as the state average is four cents lower than one week ago. The combination of crude prices remaining lower than last week, as well as the latest data showing an increase in both crude oil and gasoline supplies, has benefitted drivers taking that last summer road trip.

Prices in Maryland are down four cents in the last week, 11 cents in the last month and are 23 cents lower than on this date last year.

Today’s national gas price average is $2.67, respectively down five cents in the last week, seven cents in the last month and 19 cents from 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 $54.50 per barrel, $1.16 lower than last Friday’s close. According to the Energy Information Administration’s (EIA) report this week, U.S. crude stocks increased by 2.4 million barrels, reversing a seven-week long stretch of declines. Trade tensions between the U.S. and China and fears of a pending global recession have pushed crude prices down, even as the peak driving season continues. Moving forward, some analysts speculate whether the reduced crude prices will result in further production cuts by OPEC.

The Weekend

“The price of crude oil has dropped $1.16 since last Friday, delivering what drivers hope to be another week of falling gas prices,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Though the rate of decline could slow, the downward trend could continue into early August, saving money for motorists on the last road trips of the summer driving season.”

The Week Ahead

According to recent EIA reports, U.S. regular gasoline retail prices averaged $2.74 per gallon in July, up two cents per gallon from June but 11 cents per gallon lower than the average in July of last year. EIA expects that monthly average gasoline prices peaked for the year in May, at an average of $2.86 per gallon, and will fall to an average of $2.64 per gallon in September.

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, August 16, 2019