The Week

Drivers filling up for a warm-weather road trip found prices continuing to dip for a second week, as the cost of crude oil continues to trade lower at the mid-$65 per barrel range for the fifth consecutive trading day. The U.S. Energy Information Administration (EIA) reported an unexpected increase in crude oil supplies, as well as an increase in East Coast gasoline stocks, giving drivers a continued break at the pump.

Today’s national gas price average is $2.93 per gallon, which is down three cents in the last week, but up 12 cents in the last month and 57 cents higher than this time last year.

Maryland’s average is four cents lower than the national average at $2.89 per gallon, which is six cents less than last week, but up 10 cents from last month and 55 cents more than last year on this date.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $65.95 per barrel, down $1.09 from a week ago. Crude settled at its lowest rate in almost two months Wednesday then set a one-week high Thursday. Despite the recent ups and downs of crude pricing, the commodity remains $20 per barrel higher than just one year ago. The EIA reports crude supplies climbed by 2.1 million barrels, as total domestic crude production rose to a fresh weekly record of 10.8 million barrels a day. 

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline 

The Weekend

“Crude oil prices have settled under $70 per barrel since Memorial Day weekend giving many drivers a bit of a break as they fill up,” said Christine Sarames Delise, a spokeswoman for AAA Mid-Atlantic. “However, despite falling crude oil costs, gas prices are not likely to drop more significantly this summer.”

The Week Ahead

AAA is expecting the 2018 summer driving season to cost drivers $225 to $250 more than last summer while the demand for gasoline stays consistent. The national average for a gallon of unleaded gasoline is predicted to fall somewhere between $2.90 and $3.10, as long as there are no excessive outside factors such as a major hurricane hitting the Gulf Coast or additional geopolitical issues.

 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, June 15, 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.