News Release, AAA Mid-Atlantic
As states continue to reopen, local drivers are seeing another week of increases at the pump as the statewide gas price average for Maryland has gone up by at least eight cents in the last week. Despite consistent increases at the pump, prices are still significantly cheaper year-over-year as local drivers are paying at least 50 cents less than last year.
The gas price average in Maryland today is $2.10, which is up respectively eight cents in the last week and 23 cents in the last month, but down 53 cents from this date last year.
Today’s national gas price average is $2.09, up respectively nine cents in the last week and 24 cents in the last month, but down 63 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)||$2.15||$2.09||$2.02||$2.75|
|Crude Oil||$36.26per barrel(6/12/20)||$39.55per barrel(6/5/20)||$29.43per barrel(5/15/20)||$52.51per barrel(6/14/19)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $36.26 per barrel, $3.29 lower than last Friday’s close. The price of crude oil dropped more than $3 Thursday, following a weekly increase in U.S. inventories, evidence of climbing COVID-19 cases and a murky economic outlook from the Federal Reserve. Prices had been on the upswing earlier in the week, boosted by the news that OPEC+ countries had agreed to extend oil production cuts into at least July.
“As crude oil prices and gasoline demand rise, local drivers will see gas prices increase, which is typical during the summer driving season. However, gas prices will be cheaper than last summer,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As our region continues to reopen and pump prices increase, drivers are still paying at least 50 cents per gallon less than this time last year.”
The Week Ahead
According to the Energy Information Administration’s (EIA) Short Term Energy Outlook, reduced economic activity related to the COVID-19 pandemic has caused changes and uncertainties in energy supply and demand patterns in 2020. The forecast for rising crude oil prices reflects expected declines in global oil inventories during the second half of 2020 and through 2021.