By: Ragina C Ali, AAA Mid-Atlantic
Most Maryland drivers were not treated to lower pump prices this week, according to AAA Mid-Atlantic. Maryland regional averages were either unchanged or fluctuated by a few cents week to week. Higher than expected gasoline demand, coupled with tightening gasoline supply in the Northeastern part of the country led to the increases.
The gas price average in Maryland today is $2.46, which is unchanged in the last week, down respectively seven cents in the last month and 17 cents from this date last year.
Today’s national gas price average is $2.61, unchanged in the last week, down respectively four cents in the last month and 17 cents from this date last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline
|Today||Week Ago||Month Ago||Year Ago|
|Washington Suburbs(MD only)||$2.56||$2.57||$2.65||$2.79|
|Crude Oil||$56.20per barrel(11/1/19)||$56.66per barrel(10/25/19)||$52.81per barrel(10/4/19)||$63.14per barrel(11/2/18)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $56.20 per barrel, 46 cents lower than last Friday’s close. Prices remained stable, hovered between $54 and $56 throughout the week. An increase in crude oil inventories and worries about the global economy kept prices lower this week. Unimpressive factory data out of China and a report that Chinese officials have doubts about the prospects of a long-term trade deal with the U.S. also prevented crude from climbing.
“While gas price increases in the Northeastern part of the country haven’t been drastic this week, this trend is certainly no treat for most local drivers,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As refinery maintenance season winds down and regional gasoline supplies increase, drivers will likely see less expensive prices at the pump in the coming weeks.”
The Week Ahead
Refinery maintenance across the country continues, though utilization rates have increased in the last week. This could mean further declines to the national average in the weeks ahead if demand drops. Refinery utilization in the Northeast pushed up a percentage point last week. The relatively marginal week-over-week changes helped to keep fluctuations minimal. Our region is likely to see gas prices push cheaper or stabilize through early November.