The Week

Tightening gasoline inventories continue to send pump prices higher in Maryland and across the Mid-Atlantic region, opposite of what drivers usually see this time of year. Above average demand for gasoline due to the mild fall weather and a recent uptick in exports resulting in decreased overall inventories are factors driving up the price of gasoline.

Today’s national gas price average is $2.52 per gallon, which is five cents higher than one week ago, two cents lower than month ago prices and 30 cents higher than this time last year.

Maryland’s average cost at the pump is pricing seven cents lower than the national average at $2.45 per gallon. The state’s average reflects an increase of four cents from a week ago, a four cents drop compared to last month, but a 23 cents increase over last year’s price.

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $54.54 per barrel, the fourth consecutive day the commodity traded above $54 and the highest price since July 2015. Concerns about the global oil supply and OPEC’s confidence that their production limit agreement will be extended past March 2018 is driving the rally.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Drivers continue to spend a bit more at the pump as local gasoline inventories decline,” said Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Part of the region’s price volatility can be attributed to an unexpected steady demand for gasoline following the end of the summer driving season, likely due to recent warmer temperatures.”

The Week Ahead

Despite recent fluctuation in prices at the pump, AAA forecasts that the national average gas price will decrease as the holidays approach. According to the EIA, prices are expected to continue falling, likely reaching $2.33 per gallon in December.

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. No other fuel price research tool has such a large, automatically generated database that is especially useful in generating local average prices which are more meaningful for consumers.

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

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, November 10, 2017

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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 www.AAA.com.