The statewide gas average in Maryland rose at least four cents this week, as the national average increased by six cents. Rising crude prices, tightening gas supplies, and increased gas demand have contributed to drivers seeing higher prices at the pump.
According to new data from the Energy Information Administration (EIA), total domestic gas stocks decreased and gasoline demand increased last week. If these trends continue alongside higher crude prices, drivers can expect incremental price increases — of at least nickel — at gas stations in March. The national gas average has not hit $3 since October 31, 2014. The next closest date was on May 25, 2018, at $2.96.
The gas price average in Maryland today is $2.74, up respectively four cents from last week, 28 cents in the last month, and 37 cents from this date last year. Maryland’s gas average has not hit $3 since October 26, 2014.
Today’s national gas price average is $2.75, up respectively six cents in the last week, 30 cents in the last month, and 35 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)||$2.77||$2.72||$2.48||$2.46|
|Crude Oil||$66.09per barrel(3/5/21)||$61.50per barrel(2/26/21)||$56.85per barrel(2/5/21)||$41.28per barrel(3/6/20)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $66.09 per barrel, $4.59 higher than last Friday’s close. Crude prices increased this week after the Organization of the Petroleum Exporting Countries (OPEC) decided with its allies, including Russia, to maintain existing crude production cuts of 7 million b/d through April. Additionally, Saudi Arabia — a member of OPEC — agreed to extend its voluntary production cut of 1 million barrels per day by one month. Crude prices have increased despite EIA’s latest weekly report revealing that total domestic inventories grew last week.
“Local drivers continue to feel the pain at the pump as the national gas average continues to creep closer to the $3 mark. Maryland’s average at $2.74 is up 28 cents in the last month,” said Ragina C. Ali, Public and Government Affairs Manager at AAA Mid-Atlantic. “AAA forecasts the national gas price average to hit at least $2.80 in March. Barring hurricane season, March may bring the most expensive pump prices of 2021.”