Maryland pump prices have dropped at least 35 cents since March 1
By: Ragina C. Ali, AAA Mid-Atlantic
As Marylanders stay close to home and vehicle usage has dropped to essential trips only, demand for gasoline and gas prices have dropped, as well. The gas price average in Maryland today is $2.05, which is down respectively 12 cents in the last week, 38 cents in the last month, and 60 cents from this date last year. Gas prices in Salisbury are below $2, while prices in Annapolis, Frederick, and Hagerstown are at $2. Baltimore’s average sits at $2.01.
Mirroring Maryland, today’s national gas price average is also $2.05, and is down respectively 12 cents in the last week, 41 cents in the last month and 62 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline
|Today||Week Ago||Month Ago||Year Ago|
|Washington Suburbs(MD only)||$2.18||$2.27||$2.50||$2.71|
|Crude Oil||$21.51per barrel(3/27/20)||$22.43per barrel(3/20/20)||$53.38per barrel(2/21/20)||$60.14per barrel(3/29/19)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $21.51 per barrel, 92 cents lower than last Friday’s close, down 52% in the past month and down $39.67 (65%) since the beginning of the year. Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health, financial and economic impact of COVID-19 and the crude price war between Russia and Saudi Arabia. Volatility in the oil market continues as the market weighs the potential benefits of stimulus efforts by policymakers around the world against the demand destruction caused by fallout from the rapid spread of the coronavirus. The head of the International Energy Agency said that oil requirements around the world may drop by 20% as three billion people are in lockdown.
“Demand for both crude oil and retail gasoline continues to decrease as fewer drivers are on the road, causing local and national gas prices to drop to levels not seen in years,” says Ragina C. Ali, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As the price of crude oil drops to levels not seen since the early 2000s, gasoline prices are following suit. Maryland motorists are paying under $2.00 at many stations across the region.”
The Week Ahead
The last time the national average for a gallon of regular unleaded gasoline was under $2 was more than four years ago. Maryland last saw prices under $2 in March of 2016.