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
|Today||Week Ago||Month Ago||Year Ago|
|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.
“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.