News Release, AAA
The summer driving season ended on a high note for local motorists as prices at the pump continued their decline. Although demand for gasoline remains high, prices will most likely continue to drop over the next few weeks and months as the switchover to winter-blend gasoline, a less expensive blend, occurs. Local drivers can also breathe a sigh of relief with Hurricane Dorian moving into the Atlantic, as its impact should not affect gas prices in the Northeast region of the country.
The gas price average in Maryland today is $2.41, which is down respectively five cents in the last week, 23 cents in the last month and is 41 cents lower than on this date last year.
Today’s national gas price average is $2.57, down respectively a penny in the last week, 13 cents in the last month and 28 cents compared to last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline
|Today||Week Ago||Month Ago||Year Ago|
|Washington Suburbs(MD only)||$2.56||$2.62||$2.76||$2.90|
|Crude Oil||$56.52per barrel(9/6/19)||$55.10per barrel(8/30/19)||$54.50per barrel(8/9/19)||$67.75per barrel(9/7/18)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $56.52 per barrel, $1.42 higher than last Friday’s close. Oil prices were lifted mid-week by news of increased Middle East tensions following a reported Yemeni missile attack on Saudi Arabia. These tensions could affect talks between the U.S. and Iran. In the Energy Information Administration’s latest report, total domestic crude stocks fell last week. Despite the drop, stocks are higher than were they were at the end of August 2018. The higher inventory levels have contributed to cheaper crude prices, helping to keep gas prices less expensive than last summer.
“Though Hurricane Dorian has pushed gas prices higher in Florida, it is due to increased demand and shortages which is a result of storm preparations, not production disruptions,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Because the storm has not threatened major oil and gasoline infrastructure, it should not affect prices in Maryland.”
The Week Ahead
OPEC and allied non-OPEC partners are scheduled to meet in Abu Dhabi next week to review their progress in stabilizing world oil markets. The meeting is likely to provide clues about how far some of OPEC’s most powerful players are willing to go to firm up prices as WTI crude prices sit more than $10 lower than they were just one year ago. The full coalition will gather again in Vienna at the end of the year to decide whether any further action is required for 2020.
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