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Since last Friday, the national average, along with the average for Maryland, has decreased by a penny or two. Although today’s national prices are slightly higher than one month ago, they are at least 36 cents lower than last year. In the new weekly report from the Energy Information Administration (EIA), gas demand decreased again, helping pump prices to decline. Low demand will likely help pump prices continue their descent as summer fades to fall.
The gas price average in Maryland today is $2.26, down one cent in the last week, and 17 cents from this date last year. The month-over-month statewide average is unchanged.
Today’s national gas price average is $2.20, down two cents in the last week, up three cents in the last month, and down 36 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||$2.28||$2.56|
|Crude Oil||$37.33per barrel(9/11/20)||$39.77per barrel(9/04/20)||$42.01per barrel(8/14/20)||$54.85per barrel(9/13/19)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $37.33 per barrel, $2.44 lower than last Friday’s close. Domestic crude prices decreased after EIA’s weekly report revealed that total domestic crude inventories increased, signaling that crude demand is starting to decline. Crude prices may continue to drop if production does not rebalance to meet lower demand ahead of fall, which typically sees fewer drivers hitting the roads for trips due to colder weather.
“Summer may be fading into the rearview mirror, but less expensive gas prices are not,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Moving into fall, we traditionally see a drop in demand and further savings at the pump. This year that means pump prices could possibly push even lower than we’ve already seen in 2020.”
The Week Ahead
Motorists saw plenty of savings at the pump from Memorial Day through Labor Day. The national gas price average during the unofficial start and stop to summer was $2.15 – the cheapest since 2004. Demand was decimated this summer, which ultimately meant increased supply and cheaper gas prices. That trend continues, however, conditions in the tropics could change that, as the very active hurricane season continues.