News Release, AAA Mid-Atlantic
Since mid-May, gasoline demand has increased, steadily pushing local and national gas price averages up.
The gas price average in Maryland today is $2.14, which is up respectively four cents in the last week and 20 cents in the last month, but down 44 cents from this date last year.
Today’s national gas price average is $2.11, up respectively two cents in the last week and 23 cents in the last month, but down 56 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)||$2.18||$2.15||$2.05||$2.72|
|Crude Oil||$39.75per barrel(6/19/20)||$36.26per barrel(6/12/20)||$33.25per barrel(5/22/20)||$57.43per barrel(6/21/19)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $39.75 per barrel, $3.49 higher than last Friday’s close. Domestic crude prices have increased amid greater market focus on compliance with the production reduction agreement between the Organization of the Exporting Countries (OPEC) and its partners, including Russia, which has worked to cut global crude production by 9.7 million barrels per day since May 1, 2020. It remains unclear if OPEC’s agreement will extend into August; it is currently set to expire at the end of July.
“As Americans drive more, they are re-fueling gasoline demand levels, which is helping to lift pump prices locally and nationally,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Higher demand will contribute to increasing gas prices in the coming weeks, but motorists shouldn’t expect the typical summer gas price spike, as demand won’t be sufficient enough to drive down gasoline stocks levels.”
The Week Ahead
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly last week. As demand decreases, alongside healthy domestic gasoline stock levels at 257 million barrels, slower pump price increases will likely continue through the end of the month.