WASHINGTON, DC (March 7, 2022) – As the conflict between Russia and Ukraine rages on, the price of crude oil continues to rise, leading to record pump prices not seen in more than a decade. The average retail price for a gallon of regular self-serve gasoline in Washington, DC today hit an all-time high of $4.22, breaking the previous record of $4.20 set on May 12, 2011. The district price today is seven cents more than yesterday, 45 cents more than last week, 60 cents more than a month ago and $1.29 more than a year ago.
The average price of gas in Maryland also hit an all-time high today at $4.09 a gallon, breaking the previous record of $4.04 set on June 17, 2008. Prior to yesterday, the Maryland average was last above $4.00 a gallon on July 22, 2008.
The average retail price for a gallon of regular self-serve gasoline in Maryland is up five cents overnight, up 50 cents over the past week, up 69 cents over the past month and is $1.32 higher than a year ago.
Nationally, the average retail price for a gallon of regular self-serve gasoline rose six cents today to $4.06 a gallon. The national average is up 45 cents over the past week, 62 cents over the past month and is $1.30 higher than a year ago. The national average is five cents away from the record high of $4.11 set on July 17, 2008.
CURRENT AND PAST GAS PRICE AVERAGES AS OF MONDAY 07 MARCH 2022
Note: Yesterday’s chart had a typo and said the national average was $4.09.
It was actually $4.00. We apologize for the error.
Regular Unleaded Gasoline (*indicates a record high)
|3/7/22||Yesterday||Previous week||Last month||A year ago|
At the end of Monday’s formal trading session, WTI rose $3.72 to $119.40. Crude oil prices continue to rise in response to the conflict between Russia and Ukraine. As the conflict lingers, oil markets are likely to respond by raising crude prices to reflect the greater risk of a disruption to the tight global oil supply this week. In addition, the EIA reported that total domestic crude inventories fell by 2.6 million barrels to 413.4 million barrels last week. Current inventory is about 15% lower than at the end of February 2021, adding to the pressure on domestic crude prices. A potential ban on crude oil imports from Russia to the United States or other countries is likely to cause prices to rise further to reflect a greater risk of disruption to scarce global oil supplies.
“As the conflict between Russia and Ukraine rages on, the price of crude oil also continues to rise, creating even more gas pump pain for American drivers,” said Ragina Cooper Ali, spokeswoman for AAA Mid-Atlantic in Washington, DC and Maryland. “Unfortunately for motorists, AAA expects the current uptrend to continue as economic indicators continue to point to higher crude oil and gasoline prices for the rest of the winter and into spring.”
Traditionally, gas prices make significant jumps around the switch to summer blends, which takes place in March and April. The spring and summer travel season is also starting to heat up, which can cause prices to fluctuate significantly due to increased demand. AAA expects prices to fall as usual after the summer, but if crude stays high, so will the pump.
AAA gas saving tips
Have your vehicle checked. Perform regular car maintenance at the intervals recommended by the vehicle manufacturer in the owner’s manual or as indicated by the in-car maintenance reminder system. Have you postponed regular maintenance during the pandemic because you drove less? Now it’s time to take a look. Find an AAA-approved auto repair shop here.
Keep tires properly inflated. Under-inflated tires can reduce your gas mileage by about 3 percent. Not to mention that properly inflated tires are safer and last longer. Check the pressure in all four tires every two weeks with an accurate, portable air pressure gauge.
Know your octane rating. Don’t buy mid-range or premium gasoline unless your owner’s manual specifically recommends it. Accordingly AAA Research, Americans waste more than $2.1 billion annually on premium gasoline in vehicles designed to run on regular fuel. AAA found no benefit in using premium gas instead of regular fuel. At the time of the study, 70% of US drivers owned a vehicle that only used regular gasoline.
Avoid idling. Idle gets zero miles per gallon. Leaving your vehicle idling for more than 10 seconds uses more gas than stopping and restarting it. Don’t start your car until you are ready to drive. The engine actually warms up faster once the car is running and stays warm after it’s stopped. Avoid roll-up windows – park and go inside instead.
Observe the speed limit. Gas mileage decreases rapidly at speeds over 60 mph. Every 3 mph you drive over 40 mph is like paying an extra $0.15 per gallon of gasoline. Using cruise control on the Autobahn will help you maintain a constant speed and will save fuel in most cases.
Drive sensibly. Aggressive driving (driving fast, accelerating and braking quickly) wastes gas. It can reduce your gas mileage by 33 percent at highway speeds and 5 percent in the city.
consolidate trips. Consolidating errands into one trip saves you time and money. Several short journeys after a cold start can use twice as much fuel as a longer multi-purpose journey over the same distance with a warm engine. With a little planning, you can avoid re-tracing your route and also decrease the distance traveled. Not only do you save fuel, you also reduce wear and tear on your car.
Minimize air resistance. Drag decreases fuel efficiency. Driving with the windows open, using roof or rear racks, and carrying heavy loads increase the vehicle’s drag. A roof rack or luggage rack provides additional cargo space and can allow you to meet your needs in a smaller, more fuel-efficient car. However, a loaded roof rack can reduce your fuel consumption by 5 percent. Reduce drag and improve your fuel economy by using a detachable luggage rack and placing items in the trunk whenever possible. Avoid carrying unnecessary items, especially heavy ones. An extra 100 pounds in the trunk reduces a typical car’s fuel economy by 1-2 percent.