It’s the big story: Gas prices are falling. Search the Internet or tune into the news and you might think gas stations are giving the stuff away.According to AAA, it is true that prices are declining, "Even," a AAA statement reads, "in Maryland."
Statewide, gas prices peaked this summer on July 23 at an average of $3.70 per gallon and were down to $3.61 last Friday.
But, according to AAA, as of Monday, gas is still 12.5 cents more expensive per gallon than it was on July 1 – when the gas tax took effect.
Nationally, regular unleaded gasoline is at its cheapest since July 12 - $3.54 per gallon on Friday according to AAA. That’s 17 cents lower than the peak price of Feb. 27 and a whopping 49 cents cheaper than the all-tie daily high of $4.11 per gallon – in 1998.
But that was Friday.
According to AAA, gas prices “could” increase this week. It blames the potential for hurricanes and refinery problems as the culprits.
So far we’ve been lucky. Gas prices have not – yet – been impacted by severe tropical storms, according to AAA.
But in a statement issued August 8, the National Oceanic and Atmospheric Administration warns us not to let our guards down yet. “[Hurricane] season is shaping up to be above normal with the possibility that it could be very active.”
It predicts a 70 percent chance that we could experience six to nine hurricanes before the end of the season.
One hurricane can disrupt production, distribution and/or supply just in time for your final summer hurrah.
But remember, it's usually not worth it to drive out of your way for cheaper gas. Check out this "break even" calculator, which tells you how far out of your way you can drive for cheaper gas before you simply break even.