The Week

Maryland drivers experienced another week of price drops at the pump, adding to an average gas price decline of 16 cents per gallon in the last month. Crude oil prices remain low, despite the attack on oil tankers in the Middle East. AAA believes that unless there is a sustained attack that threatens the long-term viability of crude supply along the shipping route, the impact to pump prices will be minimal.

Prices in Maryland dropped by six cents in the last week, are 16 cents lower than last month and 24 cents lower than on this date last year. 

Today’s national gas price average is $2.70, which is down seven cents in the last week, down 16 cents in the last month, and is 20 cents less than last year’s price.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $52.51 per barrel, $1.48 lower than last Friday’s close. Following attacks on two tankers in the Gulf of Oman earlier in the week, crude prices increased by $1.14, a relatively tepid response to the incident. Many analysts believe the market remains concerned about the threat of the ongoing trade war and a forecasted slowdown of global economic growth. Oil prices also remain lower following the Energy Information Administration’s (EIA) latest report showing crude oil inventories have increased.

The Weekend

“As the summer driving season rolls on, prices at the pump continue to slide, which is welcome news to motorists as seasonal road trips and weekend getaways gear up,” says Jeanette Tejeda de Gomez, Senior Public Affairs Specialist for AAA Mid-Atlantic. “Increased gasoline supplies, coupled with lower crude prices, will help keep gas prices low as we move through summer.”

The Week Ahead

For the 2019 summer driving season, which runs from April through September, EIA forecasts that U.S. regular gasoline retail prices will average $2.76 per gallon, down from an average of $2.85 per gallon last summer. The lower forecast gasoline prices primarily reflect EIA’s expectation of lower crude oil prices this summer.