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Some ‘bunny’ may be getting a break at the pump but it’s not anyone locally. Maryland's statewide gas price average increased by four cents since last week, 16 cents in the last month and is four cents higher than on this date last year. Supplies of crude oil and gasoline decreased this week, lending to the continued increase at the pump.
Today’s national gas price average is $2.83, which is up two cents in the last week, up 28 cents in the last month, and is nine cents more than last year’s price.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline
At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $64.00 per barrel, 11 cents higher than one week ago. Oil prices remained above the $63 mark all week, supported by declining U.S. reserves. Declining production by major producers, current U.S. sanctions against Venezuela and Iran, and escalating military conflicts in Libya are also factors in oil's sustained prices. U.S. crude oil stockpiles fell as imports dropped, revealing the first draw on crude inventories in four weeks, while gasoline inventories also decreased, according to the latest report from the Energy Information Administration (EIA). Saudi Arabia, the most influential member of the OPEC cartel, has made it clear that it is determined to keep crude oil supplies low.
“Demand for gasoline and the decrease in crude oil and gasoline supplies nationwide continues to push prices higher at the pump, just in time for the holiday weekend,” says Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Although Maryland drivers are seeing an increase, prices are still within four cents of this same time last year.”
The Week Ahead
The EIA April 2019 update reveals that the agency expects the retail price of U.S. regular-grade gasoline to average $2.76 per gallon during the summer from April through September 2019. This expected average is down 3 percent from last year’s average of $2.85 a gallon, mainly because EIA expects crude oil prices will be lower than last summer.
AAA has a variety of resources to help motorists save on fuel:
NextWeekend Gas Watch: Friday, April 26, 2019
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