Mid-Atlantic weekend gas watch: Summer Driving starts with lower pump prices

News Release, AAA

For the 37.6 million Americans who hit the road this past Memorial Day weekend, the vast majority found savings at the pump compared to last year’s holiday, a trend AAA expects to continue into June.  Prices in Maryland dropped by five cents in the last week, are 10 cents lower than last month and 21 cents lower than on this date last year. 

Today’s national gas price average is $2.82, which is down two cents in the last week, down six cents in the last month, and is 13 cents less than last year’s price.


CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

 Today Week Ago Month Ago Year Ago
 National $2.82 $2.84 $2.88 $2.95
 Maryland $2.73 $2.78 $2.83 $2.94
 Annapolis $2.69 $2.76 $2.79 $2.92
 Baltimore $2.71 $2.77 $2.81 $2.94
 Cumberland $2.86 $2.87 $2.88 $2.94
 Frederick $2.72 $2.77 $2.81 $2.94
 Hagerstown $2.74 $2.75 $2.81 $2.85
 Salisbury $2.56 $2.66 $2.73 $2.84
 Washington Suburbs(MD only) $2.83 $2.85 $2.89 $3.01
 Crude Oil $53.50per barrel(5/31/19) $58.63per barrel(5/24/19) $63.30per barrel(4/26/19) $65.81per barrel(6/1/18)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $53.50 per barrel, $5.13 lower than last Friday’s close. This is the lowest price since February 12. The market reacted this week to a smaller-than-expected decline in U.S. crude inventories and continued concern over a U.S.-China trade war. Government data released this week also pointed to a continued increase in production levels that are already at a record level.

The Weekend

Gas prices have declined, on average, by at least a nickel, for the majority of the country since the beginning of May, a trend motorists can expect to continue into early June,” says Jeanette Tejeda de Gomez, Senior Public Affairs Specialist for AAA Mid-Atlantic. “Barring any unforeseen circumstances – economic, geopolitical, and/or weather-related – the highest gas prices of the year are likely in the rearview mirror.”

The Week Ahead

Summertime gas price movement could depend on whether the Organization of the Petroleum Exporting Countries (OPEC) members and non-members agree to increase production when they meet in late June, as well as how soon they execute on such increases. Many market analysts believe that the cuts made by OPEC will be extended in an effort to prevent oil prices from falling further. In addition, any unexpected supply disruptions could affect prices are the pump this summer.

The Southern Maryland Chronicle is a local, small business entrusted to provide factual, unbiased reporting to the Southern Maryland Community. While we look to local businesses for advertising, we hope to keep that cost as low as possible in order to attract even the smallest of local businesses and help them get out to the public. We must also be able to pay employees(part-time and full-time), along with equipment, and website related things. We never want to make the Chronicle a “pay-wall” style news site.

To that end, we are looking to the community to offer donations. Whether it’s a one-time donation or you set up a reoccurring monthly donation. It is all appreciated. All donations at this time will be going to furthering the Chronicle through hiring individuals that have the same goals of providing fair, and unbiased news to the community. For now, donations will be going to a business PayPal account I have set-up for the Southern Maryland Chronicle, KDC Designs. All business transactions currently occur within this PayPal account. If you have any questions regarding this you can email me at davidhiggins@southernmarylandchronicle.com

Thank you for all of your support and I hope to continue bringing Southern Maryland the best news possible for a very long time. — David M. Higgins II




© 2019 The Southern Maryland Chronicle. All Rights Reserved. This website is not intended for users located within the European Economic Area.