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News Release, AAA Mid-Atlantic
Gas prices across Maryland increased slightly this week as gasoline supplies, crude oil, and demand for gasoline all dipped. The drop in gas and oil supplies could send prices higher while the drop in demand could keep that increase from being as high as it could be.
The gas price average in Maryland today is $2.25, which is up respectively three cents in the last week and 14 cents in the last month, but down 48 cents from this date last year.
Today’s national gas price average is $2.20, respectively up a penny in the last week and 10 cents in the last month, but down 59 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)||$2.27||$2.24||$2.16||$2.84|
|Crude Oil||$40.59per barrel(7/17/20)||$40.55per barrel(7/10/20)||$39.75per barrel(6/19/20)||$55.63per barrel(7/19/19)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $40.59 per barrel, four cents higher than last Friday’s close. Prices hovered between $40 and $42 this week, ending at a more than four-month high Wednesday ($41.20). Domestic crude prices fell after the Energy Information Administration’s (EIA) weekly report revealed that total domestic crude inventories decreased. Decreasing crude stocks could mean that crude production is beginning to meet demand and could reduce price volatility, as coronavirus outbreaks continue to grow worldwide.
“Data shows gasoline demand and supply continue on a roller coaster ride,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As motorists react to unfolding COVID-19 information, we are seeing driving behaviors related to filling-up ebb and flow.”
The Week Ahead
According to new data from the Energy Information Administration (EIA), total domestic gasoline supplies decreased last week. As supplies tighten, prices could continue to rise, depending on demand. Last week, demand for gasoline fell slightly, following the Fourth of July holiday weekend.