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Although weekly increases have eased somewhat, drivers throughout Maryland are still grappling with price increases at the pump. Since January 1st, the average price for a gallon of regular unleaded gasoline has increased 59 cents in Maryland when the gas price average was $2.22.
Maryland’s statewide gas price average Friday is $2.81, which is one cent lower than last week, 16 cents higher than last month and threecents higher than on this date last year.
Today’s national gas price average is $2.89, which is up a penny in the last week, up 19 cents in the last month, and is eight cents more than last year’s price.
Regular Unleaded Gasoline
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $61.94 per barrel, $1.36 less than last Friday’s close. Crude prices tumbled Thursday, as the closing price of $61.81, showed a $1.79 drop from the day before. The drop in crude oil prices follows a U.S. government report showing a 9.9 million barrel build in crude inventories. This build in supply in addition to an increase in production has helped to offset concerns about the global supply of crude amid the ongoing OPEC production cut and U.S. sanctions, reducing oil supplies from Iran and Venezuela.
“A late week dip in crude oil prices has put the brakes on recent gas price increases throughout the region,” says Ragina Cooper Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Overall, there was little movement in gas averages this week. However, drivers should prepare for more increases through the Memorial Day holiday, especially if geopolitical factors dictate higher oil prices.”
The Week Ahead
AAA expects summer 2019 gas prices to be on par with prices during summer 2018, with May seeing the highest prices of the year. Heading into summer, a variety of factors, including U.S. supply-demand levels, U.S. production and crude prices will help better shape the summer forecast.AAA’s latest Gas Price survey found that if gas prices remain low, one in three Americans (33 percent) would likely plan another summer road trip while 27 percent would increase the distance of one.
AAA has a variety of resources to help motorists save on fuel:
Next Weekend Gas Watch: Friday, May 10, 2019
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