AAA says it’s due to a decrease in demand from drivers, adequate crude oil inventories.
Towson, Md (KM) The good news continues for motorists. AAA Mid-Atlantic says gasoline prices continue to fall across the country and the state.
The auto club says the average cost of filling up in the US is $2.70 per gallon, a decrease of six-cents from a week ago, and 21-cents from last month. In Maryland, the price at the pump is $2.54 per gallon, a drop of eight-cents from last week, and 30-cents from a month ago. In Frederick, gasoline prices average at $2.55 per gallon, a drop of seven-cents from last week, and 30-cents from the previous month.
“We’re getting into that time of year where gasoline demand drops. And we’re also seeing the end of refinery maintenance season wrapping up,” says AAA Mid-Atlantic spokeswoman Christine Delise. “We’re also looking at crude oil prices that have been trading at $65 per barrel and even lower. That’s also helping to drive down prices.”
And crude oil inventories are in good shape. “Fortunately, in our region, we are looking at very healthy inventories. We’re relatively stable. Overall, stocks are at a 12-million {-barrel} year over year surplus. So that’s good news for us,” says Delise.
She also says prices could continue to drop over the next few months. “Prices could plunge even lower, especially if we see a surge in gasoline production as refiners fully re-start their units from the fall maintenance season,” she says. “Right now, Maryland’s average is only pennies from the 2018 low of $2.48 per gallon. We wouldn’t be surprised in the coming weeks that we see prices drop below the low we saw this year back in March.”
AAA has three ways to help motorists save on gasoline. For those traveling in their communities, they can go to Fuel Price Funder at AAA.com/fuelfinder. Drivers who are heading out of town can go to Fuel Cost Calculator to help budget travel expenses. (FuelCostCalculator.AAA.com). They can also visit Trip Tik Mobile, at AAA.com/mobile, to find the best fuel prices along their travel routes.
By Kevin McManus