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News Release, AAA Mid-Atlantic

Marylanders saw little movement when it comes to pump prices with most areas within a penny or two of last week’s prices. The gas price average in Maryland today is $2.26, down respectively a penny in the last week, six cents in the last month, and 37 cents from this date last year.

Today’s national gas price average is $2.18, unchanged in the last week and the last month, and 51 cents from this time last year.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline

TodayWeek AgoMonth AgoYear Ago
National$2.18$2.18$2.18$2.69
Maryland$2.26$2.27$2.20$2.63
Annapolis$2.26$2.28$2.19$2.57
Baltimore$2.26$2.28$2.20$2.59
Cumberland$2.17$2.17$2.17$2.81
Frederick$2.23$2.25$2.18$2.63
Hagerstown$2.14$2.16$2.13$2.63
Salisbury$2.25$2.27$2.18$2.51
Washington Suburbs(MD only)$2.28$2.29$2.23$2.76
Crude Oil$41.22per barrel(8/7/20)$40.27per barrel(7/31/20)$55.66per barrel(7/10/20)$54.50per barrel(8/9/19)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $41.22 per barrel, 95 cents higher than last Friday’s close. Even though crude oil supplies decreased for a second week,oil futures posted the highest close since March on Wednesday ($42.19). Prices fluctuated the rest of the week following the news that gasoline inventories showed an unexpected rise which nods toward a decrease in gasoline demand.

The Weekend

This summer is no doubt the cheapest at the pump for motorists in more than a decade. The last two months have yielded a national average of $2.14,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “While we expect to see typical fluctuation, August gas prices are not expected to spike, especially amid increases in COVID-19 cases.”

The Week Ahead

In the new weekly report from the Energy Information Administration (EIA), gas demand fell from 8.8 million b/d to 8.6 million b/d. Decreasing demand for gasoline has helped pump prices to stabilize, and if demand continues to drop, pump prices could push cheaper in the coming week.