The Week

Pump prices have increased across the country as gasoline demand and crude oil prices trickle higher, and more states reopen businesses. Despite the increases, the last time the national average was less than $2 a gallon heading into a Memorial Day Weekend was in 2003. 

The gas price average in Maryland today is $1.99, which is up respectively nine cents in the last week and seven cents in the last month, but down 80 cents from this date last year.

Today’s national gas price average is $1.94, up eight cents in the last week, up 14 cents in the last month and down 90 cents from this time last year.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $33.25 per barrel, $3.82 higher than last Friday’s close. Domestic crude saw six consecutive days of price increases this week, amid growing market optimism that oil demand may be rebounding as states reopen and more people are driving. Additionally, crude prices have increased as the Organization of the Petroleum Exporting Countries continues to implement its 9.7 million barrels per day production reduction agreement for May and June 2020 with other large producers, including Russia.

The Weekend

“Although gas prices in Maryland are trending higher, most local drivers are paying about 80 cents less than one year ago,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Despite inexpensive gas prices, AAA anticipates this year’s Memorial Day holiday will likely set a record low for travel volume.”

The Week Ahead

Gasoline demand could see a short-lived spike this weekend if Americans choose to travel during the holiday weekend, although the Centers for Disease Control and Prevention (CDC) continues to recommend that Americans stay home and avoid nonessential travel. Last year, AAA Mid-Atlantic forecast a record-setting 918,000 Marylanders would travel 50 miles or more for the Memorial Day holiday weekend. This year will look much different. For the first time in 20 years, AAA will not issue a Memorial Day travel forecast, as the accuracy of the economic data used to create the forecast has been undermined by COVID-19. With social distancing guidelines still in practice, this holiday weekend’s travel volume is likely to set a record low.

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

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

• Fuel Price Finder (https://www.AAA.com/fuelfinder) locates the lowest fuel price in your area. 

• AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses. 

• TripTik Mobile (https://www.aaa.com/mobile) plots fuel prices along your travel route. 

• AAA's Member Rewards Visa® Credit Card (https://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases. 

Next Weekend Gas Watch: Friday, May 29, 2020

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AAA provides automotive, travel and insurance services to over 60 million members nationwide and nearly 988,000 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.