The Week

Most Maryland drivers saw prices at the pump stabilize and drop slightly in the last week thanks to a small increase in East Coast gasoline supplies and crude prices that have remained within $1 of last Friday’s settlement price.

Prices in Maryland are down by a nickel in the last week, up eight cents in the last month and are 14 cents lower than on this date last year. 

Today’s national gas price average is $2.74, down four cents in the last week, up six cents in the last month and down 11 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 $56.20 per barrel, 57 cents higher than last Friday’s close. Oil prices remained between $55 and $57 this week.  Although tensions in the Middle East and a huge fall in crude supplies could have forced prices higher, further increases were halted by data showing a slow in economic growth amid the U.S. – China trade war.

“Gasoline stocks remain robust amid a recent dip in demand, which could be one reason we are seeing pump prices starting to roll back,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “It is too soon to know if this is a long-term trend, but it is certainly a welcome relief for motorists as the summer road trip season rolls on.”

The Week Ahead
Across Maryland, gas prices have yet to return to levels seen prior to the Philadelphia Energy Solutions refinery explosion and fire on June 21. The statewide gas average is nine cents higher of where it was June 21. However, since Memorial Day, Maryland gas prices have dropped 11 cents and are at least 14 cents less than one year ago.

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. 

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.

Next Weekend Gas Watch: Friday, August 2, 2019