TOWSON, MD (July 16, 2018) – Since July 4, gas prices nationwide have increased three cents on average, putting today’s national average at $2.88. Since last Monday, the national average is just a penny more expensive, but remains lower than a month ago by two cents.  Year-over-year, the national average is 63 cents more expensive.

Maryland’s average is three cents lower than the national average at $2.85 per gallon, an increase of one cent in the past week. The state average is a penny lower than last month’s price, but 61 cents higher than on this date last year. Metro area prices across the state remained flat from a week ago or experienced increases of one to three cents. 

With the addition of 961,000 barrels of gasoline inventories, the Mid-Atlantic and Northeast region saw the largest build-up of any region in the country, which likely helped to stabilize prices for most states in the region, including Maryland. The large increase could help stabilize prices in the coming week, especially if the region sees another build in inventory. 

“Typically during July, gas prices have a tendency to trend cheaper. However with crude oil prices nearly $25 more per barrel compared to last year, drivers continue to experience an upward pricing trend across the country,” said Ragina Cooper Averella, Public and Government Affairs Manager for AAA Mid-Atlantic.  

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil increased 68 cents to settle at $71.01 per barrel. Concerns surrounding tightening U.S. supplies are slightly elevated following the Energy Information Administration's news that total crude oil stocks recorded the largest decline (12.7 million barrels) since October 2016.

Oil prices may continue riding high and contribute to increased pump prices throughout the summer and possibly into the fall, especially if demand remains robust amid high export levels.

The U.S. oil rig count remains unchanged from the previous week, according to Baker Hughes, Inc., keeping the total number of rigs to 863. When compared to last year’s count at this time, there are 98 more rigs.

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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Mailing Address:
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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.