Frederick prices are up 6 cents more than a week ago.
FREDERICK, MD. The start of spring coincides with the start of a ‘spring’ in gas prices across the country and here in the Mid-Atlantic region, including Maryland. Except for Cumberland, areas across the state are experiencing weekly increases ranging from two cents per gallon in Hagerstown to as high as 12 cents in Salisbury.
The trifecta of lower gasoline and oil inventories, higher oil prices, and refinery maintenance season are sending local prices upward following a long stretch of dropping prices.
Today’s national gas price average is $2.59 per gallon, which is six cents more than last week, seven cents higher than last month, and 30 cents more than this time last year.
In a turn from typical trends, Maryland’s average cost at the pump has been pacing slightly higher than the national average this week at $2.61 per gallon. The state average is nine cents more than last week, 11 cents higher than last month, and 32 cents more than last year’s price on this date. Average prices across Maryland are now trending higher than last month’s costs, with the exception of Cumberland, which has remained steady.
At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $64.30 per barrel, up $3.11 from the previous week’s close. WTI settled over $65 per barrel on Wednesday, the biggest one-day gain since November, and the highest price since February 2. This week’s Energy Information Administration (EIA) supply report showed a surprising draw in crude oil inventories, which stopped a three-week stretch of gains.
“In the Frederick area, gas prices are averaging around $2.68 per gallon for regular unleaded,” said Christine Delise, AAA-Mid-Atlantic spokeswoman. “Thats up 6 cents more than a week ago,” she continued.