Maryland drivers saw a slight bump in prices this week as gasoline supplies for the Northeastern region of the U.S. dropped and demand for gasoline remained robust. The national average also increased by a penny in the last week. AAA expects that gas prices should slowly decline once gasoline supplies grow and demand decreases.
The gas price average in Maryland today is $2.47, which is up one cent in the last week, down seven cents in the last month and is 28 cents lower than on this date last year.
Today’s national gas price average is $2.65, up a penny in the last week, unchanged in the last month and down 21 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)||$2.59||$2.60||$2.65||$2.88|
|Crude Oil||$53.78per barrel(10/18/19)||$54.70per barrel(10/11/19)||$54.26per barrel(9/20/19)||$69.12per barrel(10/19/18)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $53.78 per barrel, 92 cents lower than last Friday’s close. This week’sEnergy Information Administration(EIA) report showed a build in crude oil supplies, a trend seen for the past five weeks.The buildup in U.S. stockpiles comes amid broader concerns of slowing global demand, as trade tensions between the U.S. and China continue to take a toll on the global economy.Crude prices finished higher Thursday, following the news of a cease-fire pact in Syria, temporarily easing Middle East tensions.
“Local pump prices, along with the national gas average, saw a slight bump this week as gasoline demand remained higher but supply drifted lower,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Pump prices will likely continue to creep up until supply grows or demand declines, which is likely to happen as motorists in the region settle into the fall driving season. In the meantime, Marylanders are experiencing savings year over year, as regional gas prices are anywhere from 21 to 29 cents per gallon cheaper than this time last year.”
The Week Ahead
Tropical Storm Nestor is forecast to bring heavy rains and strong winds to the Florida panhandle and the southeastern U.S. this evening and weekend. Its effects on Gulf Coast refining and production are unknown at this time, however, any interruption in either capacity could affect gas prices. Should the severe weather cause power outages and road closures, it could lead to delivery disruptions to local gas stations in the southeastern U.S.