High summer gas prices could be in the rearview mirror

News Release, AAA

The Week

Maryland drivers have enjoyed the second week of stable or slightly decreased pump prices, as the state average is four cents lower than one week ago. The combination of crude prices remaining lower than last week, as well as the latest data showing an increase in both crude oil and gasoline supplies, has benefitted drivers taking that last summer road trip.

Prices in Maryland are down four cents in the last week, 11 cents in the last month and are 23 cents lower than on this date last year.

Today’s national gas price average is $2.67, respectively down five cents in the last week, seven cents in the last month and 19 cents from this time last year.


CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

TodayWeek AgoMonth AgoYear Ago
National$2.67$2.72$2.74$2.86
Maryland$2.60$2.64$2.71$2.83
Annapolis$2.54$2.57$2.67$2.79
Baltimore$2.56$2.60$2.68$2.80
Cumberland$2.79$2.84$2.86$2.90
Frederick$2.61$2.64$2.68$2.84
Hagerstown$2.62$2.64$2.63$2.86
Salisbury$2.50$2.51$2.61$2.75
Washington Suburbs(MD only)$2.74$2.77$2.80$2.92
Crude Oil$54.50per barrel(8/9/19)$55.66per barrel(8/2/19)$60.21per barrel(7/12/19)$67.63per barrel(8/10/18)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $54.50 per barrel, $1.16 lower than last Friday’s close. According to the Energy Information Administration’s (EIA) report this week, U.S. crude stocks increased by 2.4 million barrels, reversing a seven-week long stretch of declines. Trade tensions between the U.S. and China and fears of a pending global recession have pushed crude prices down, even as the peak driving season continues. Moving forward, some analysts speculate whether the reduced crude prices will result in further production cuts by OPEC.

The Weekend

The price of crude oil has dropped $1.16 since last Friday, delivering what drivers hope to be another week of falling gas prices,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Though the rate of decline could slow, the downward trend could continue into early August, saving money for motorists on the last road trips of the summer driving season.”

The Week Ahead

According to recent EIA reports, U.S. regular gasoline retail prices averaged $2.74 per gallon in July, up two cents per gallon from June but 11 cents per gallon lower than the average in July of last year. EIA expects that monthly average gasoline prices peaked for the year in May, at an average of $2.86 per gallon, and will fall to an average of $2.64 per gallon in September.