News Release, AAA
For the 37.6 million Americans who hit the road this past Memorial Day weekend, the vast majority found savings at the pump compared to last year’s holiday, a trend AAA expects to continue into June. Prices in Maryland dropped by five cents in the last week, are 10 cents lower than last month and 21 cents lower than on this date last year.
Today’s national gas price average is $2.82, which is down two cents in the last week, down six cents in the last month, and is 13 cents less than last year’s price.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline
|Today||Week Ago||Month Ago||Year Ago|
|Washington Suburbs(MD only)||$2.83||$2.85||$2.89||$3.01|
|Crude Oil||$53.50per barrel(5/31/19)||$58.63per barrel(5/24/19)||$63.30per barrel(4/26/19)||$65.81per barrel(6/1/18)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $53.50 per barrel, $5.13 lower than last Friday’s close. This is the lowest price since February 12. The market reacted this week to a smaller-than-expected decline in U.S. crude inventories and continued concern over a U.S.-China trade war. Government data released this week also pointed to a continued increase in production levels that are already at a record level.
“Gas prices have declined, on average, by at least a nickel, for the majority of the country since the beginning of May, a trend motorists can expect to continue into early June,” says Jeanette Tejeda de Gomez, Senior Public Affairs Specialist for AAA Mid-Atlantic. “Barring any unforeseen circumstances – economic, geopolitical, and/or weather-related – the highest gas prices of the year are likely in the rearview mirror.”
The Week Ahead
Summertime gas price movement could depend on whether the Organization of the Petroleum Exporting Countries (OPEC) members and non-members agree to increase production when they meet in late June, as well as how soon they execute on such increases. Many market analysts believe that the cuts made by OPEC will be extended in an effort to prevent oil prices from falling further. In addition, any unexpected supply disruptions could affect prices are the pump this summer.