News Release, AAA Mid-Atlantic
Drivers throughout Maryland haven’t seen much change at the pump in the last week or the last month. The gas price average in Maryland today is $2.27, unchanged in the last week, down respectively seven cents in the last month and 38 cents from this date last year. Crude oil supplies declined this week as supplies of gasoline increased, creating further volatility in the market.
Today’s national gas price average is $2.18, unchanged in the last week, down respectively a penny in the last month and 54 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)||$2.29||$2.28||$2.23||$2.78|
|Crude Oil||$40.27per barrel(7/31/20)||$41.29per barrel(7/24/20)||$40.65per barrel(7/2/20)||$55.66per barrel(8/2/19)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $40.27 per barrel, $1.02 lower than last Friday’s close. Like gasoline, crude prices have moved very little, hovering between $39 and $42 all month long. Following the Energy Information Administration’s (EIA) latest report showing a large drop in crude supplies, crude prices edged higher. However, prices fell Thursday following a tweet from the President suggesting the U.S. should postpone the November election. The market was also impacted by news that the U.S. economy contracted at its steepest pace since the Great Depression in the second quarter.
“Although gas prices haven’t changed much in the past few weeks, prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Pump prices have been pushing less expensive recently as gasoline demand continues to drop.”
The Week Ahead
As forecasters keep watch of Hurricane Isaias moving toward Florida’s eastern coast, analysts are not very concerned about an impact on oil and natural-gas production. Should the storm change direction and head to the Gulf of Mexico, the threat to oil production could grow and influence oil and gas prices.