The Week

As over one million Marylanders hit the roads this week for the Thanksgiving holiday, many drivers filled up their tanks paying prices lower than last year’s holiday. However, unfortunately drivers in Western Maryland and the Maryland suburbs of Washington continued to pay prices that were higher than last Thanksgiving.

With most travelers returning home today through Sunday, the good news is that all Marylanders will find lower prices at the pump compared to when they filled up their vehicles before their holiday trip. 

Maryland’s average price is 14 cents less than the national average at $2.44 per gallon. The state average is four cents lower than last week, 28 cents less than last month, and four cents per gallon less than last year on this date. Last year on Thanksgiving, Maryland’s average was $2.48 per gallon, while the average price for this year’s holiday was $2.45.

Today’s national gas price average is $2.58 per gallon, which is down six cents in the last week, down 26 cents in the last month, but six cents higher than this time last year.

For the eighth consecutive trading day, crude oil prices continue to trade below $60 per barrel, with the commodity dropping on Tuesday to $53.43 per barrel, the lowest settlement for the year. At the close of NYMEX trading on Wednesday, West Texas Intermediate (WTI) crude oil settled higher to $54.63 per barrel. The market was closed Thursday due to the Thanksgiving holiday. Crude oil inventories continue to increase for the ninth consecutive week, according to the Energy Information Administration’s (EIA) latest report.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline 

The Weekend

“As drivers return home from their Thanksgiving holiday getaway, they are paying lower prices for gas than they paid before the holiday,” said Ragina Cooper Averella, Manager of Public and Government Affairs. “With crude oil prices continuing to trade below $60 per barrel, this downward trend for gas prices should continue in the weeks ahead; however, with the potential for oil production cuts, following OPEC’s December meeting, the trend could be halted and gas prices could be subsequently impacted.”

The Week Ahead

Most Maryland drivers are paying the lowest gas prices of the year, but for how much longer remains to be seen. The growth in global crude production and concerns of a glut in crude supply will be top of mind during OPEC’s upcoming meeting in less than two weeks on December 6. Reports are emerging that the cartel will discuss curtailing oil production, thus reducing supply and driving up oil prices.   

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.

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AAA provides automotive, travel and insurance services to over 59 million members nationwide and more than 975,000 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.