News Release, AAA
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
|Today||Week Ago||Month Ago||Year Ago|
|Washington Suburbs(MD only)||$2.78||$2.83||$2.72||$2.90|
|Crude Oil||$56.20per barrel(7/26/19)||$55.63per barrel(7/19/19)||$58.47per barrel(6/28/19)||$68.69per barrel(7/27/18)|
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.