The Week

After seeing double-digit weekly increases for gas prices across most of Maryland, this week the jump in prices has been far less severe. However, prices at the pump could continue to rise as crude prices remain above $55 per barrel and refineries continue through maintenance season, which can temporarily limit production.

Today’s national gas price average is $2.42, which is up four cents in the last week and 16 cents in the last month, but is 12 cents less than this time last year.

Maryland’s average price is seven cents less than the national average at $2.35 per gallon. The state average is two cents higher from last week and 13 cents more than last month, but 14 cents per gallon less than last year on this date. Maryland’s average and metro area prices throughout the state have stabilized this week, rising by only a penny or two compared to last week’s double-digit increases for many areas across the state.

West Texas Intermediate (WTI) crude oil continued to close above $55 for the ninth consecutive trading day, even settling at $57.22 per barrel on Thursday.

The Energy Information Administration (EIA) on Wednesday reported that U.S. crude supplies unexpectedly dropped by 8.6 million barrels, following five straight weeks of increases. Those figures supported Saudi Arabia’s affirmation of its commitment to reducing output in an effort to rebalance the global market this week. The demand for oil was called into question following an official gauge of China’s factory activity fell to the lowest level in three years.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

The Weekend

“Despite recent increases at the pump, gas prices across Maryland are trending 10 to 23 cents per gallon less than this time last year,” says Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “In the coming weeks, gas prices will likely continue to see an uptick influenced by fluctuating crude oil prices and refinery maintenance season production cuts.”

The Week Ahead

Nationwide, refineries have been undergoing maintenance, partly unplanned as the result of poor weather, as well as for preparation to produce spring and summer gasoline blends. Even with pump prices on the rise, mostly decreasing demand has helped to offset major increases, keeping gas under $2.50 for most of the country, including Maryland.

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

• Shell Fuel Rewards Program for AAA Members: (AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.

• 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, March 8, 2019

   

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AAA provides automotive, travel and insurance services to 57 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.