Local pump prices show little movement in the last week while the National Average jumped 5 cents
By: Ragina C. Ali, AAA MId-Atlantic
The free fall in local pump prices may be coming to an end as re-opening begins in many states means more demand for gas. While Maryland prices have shown little movement, if at all, in the last week, enough states across the country have seen price increases, pushing the national gas price average up by five cents since last Friday.
The gas price average in Maryland today is $1.86, which is down respectively one cent in the last week, 11 cents in the last month, and 95 cents from this date last year. Maryland’s statewide average has been under $2 for five weeks.
Today’s national gas price average is $1.82, up five cents in the last week and down respectively eight cents in the last month and $1.06 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)||$2.01||$2.02||$2.11||$2.87|
|Crude Oil||$24.74per barrel(5/8/20)||$19.78per barrel(5/1/20)||$22.76per barrel(4/09/20)||$61.66per barrel(5/10/19)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $24.74 per barrel, $4.96 higher than last Friday’s close. Throughout the week, oil settlements remained above $20 per barrel. Crude prices gained some steam this week, as the market continued to believe crude demand will increase as more states re-open businesses. However, global crude demand is expected to remain low due to COVID-19, tempering price increases.
“Despite some pump price volatility, most Maryland drivers continue to pay almost $1 less per gallon for gasoline than one year ago,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As some states begin to re-open businesses, those states will likely see demand increase, with pump prices following suit.”
The Week Ahead
The Energy Information Administration (EIA) released new data that showed increasing demand for gasoline. The boost in demand continues to push pump prices up around the country, as more states re-open businesses. Gasoline demand is expected to continue to grow, leading pump prices to continue their increase through the weekend and into next week.