Ragina C. Ali
Public Relations Manager, MD
O: (410) 616-1900 (ext. 4361152)
C: (443) 465-5020
RAli@aaamidatlantic.com

The Week

Local gas prices have been on a bit of a merry-go-round ride since the start of 2020. Low demand for gasoline, an increase in crude oil supply and tumbling crude prices have the potential to push gas prices lower. Drivers could continue to experience volatility in the coming days and weeks due to further oil market effects from refinery maintenance season, the mid-March switch to summer-blend gasoline and the coronavirus.

 

The gas price average in Maryland today is $2.42, which is respectively up four cents in the last week, one cent in the last month, and seven cents from this date last year.

 

Today’s national gas price average is $2.45, down respectively one cent in the last week and five cents in the last month, but up four cents from this time last year.


CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

 

 

 

Today

 

Week Ago

 

Month Ago

 

Year Ago

 

National

 

$2.45

 

$2.46

 

$2.50

 

$2.41

 

Maryland

 

$2.42

 

$2.38

 

$2.41

 

$2.35

 

Annapolis

 

$2.39

 

$2.34

 

$2.36

 

$2.32

 

Baltimore

 

$2.39

 

$2.35

 

$2.37

 

$2.33

 

Cumberland

 

$2.49

 

$2.51

 

$2.62

 

$2.43

 

Frederick

 

$2.39

 

$2.37

 

$2.39

 

$2.33

 

Hagerstown

 

$2.44

 

$2.42

 

$2.50

 

$2.39

 

Salisbury

 

$2.37

 

$2.32

 

$2.31

 

$2.27

 

Washington Suburbs

(MD only)

 

$2.49

 

$2.47

 

$2.53

 

$2.42

 

Crude Oil

 

$44.76

per barrel

(2/28/20)

 

$53.38

per barrel

(2/21/20)

 

$51.56

per barrel

(1/31/20)

 

$55.80

per barrel

(3/1/20)

 

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $44.76 per barrel, a whopping $8.62 lower than last Friday’s close. Crude oil prices were on the rise until the start of this week but have since dropped by 13% (since Monday’s close of $51.43). The market continues to feel the effects of the spread of the coronavirus and how that could slow oil and gas consumption. Overall, oil has dropped almost 27% since the start of 2020. China is the epicenter of the virus outbreak and is the largest purchaser of oil in the world. As the Chinese economy takes a hit, so does their need for oil. With oil demand pushing lower, crude prices are following.

 

The Weekend

“Local gas prices have been on a bit of a merry-go-round ride since the start of 2020,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Pump prices in the week ahead could see further volatility depending on movement of the oil market as well as U.S. gasoline demand and stock level numbers.”

 

The Week Ahead

The effects of a huge fire at a Carson, California oil refinery late Tuesday night are being watched for the potential to increase gas prices on the West Coast. Depending on the extent of the damage and the amount of time it will take for the refinery to get back up and running will come into play at the pump, particularly in California. The price jump could be stifled a bit because of the lower crude prices currently seen in the market and the low demand for gasoline at this time of year.

  

AAA has a variety of resources to help motorists save on fuel:

                   

AAA is the most comprehensive resource for gas prices. AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.

 

Next Weekend Gas Watch: Friday, March 6, 2020

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Mailing Address:
8600 LaSalle Road, Ste 639
Towson, MD 21286

AAA provides automotive, travel and insurance services to over 60 million members nationwide and nearly 988,000 members in Maryland.  AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years.  The not-for-profit, fully tax-paying member organization works on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel and track their roadside assistance service with the AAA Mobile app for iPhone, iPad and Android.  For more information, visit AAA.com.


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