Are This Week’s Cheaper Gas Prices A Trick Or A Long-Term Treat?

Maryland’s Average Price Lowest Since Mid-April

TOWSON, MD – The national gas price average has been dropping slowly and steadily for the past 16 days. At $2.82 per gallon, today’s national average is three cents less than last week, six cents cheaper than last month but 35 cents more expensive than this time last year.

“Just like the outside temperature, motorists are seeing gas prices cool off. The last few weeks saw peak refinery maintenance season start to wrap-up and push less expensive gas prices, but the lower prices are not likely to be a long-term trend,” said Christine Sarames Delise, a AAA Mid-Atlantic spokesperson. “AAA expects that gas prices will likely start to increase as early as later this week ahead of the November 4 Iran sanctions announcement and the mid-term elections.”

How expensive gas prices will be depends on how the market reacts to the early November events. However, motorists are not likely to pay summer prices this winter.
Mid-Atlantic and Northeast Gasoline Prices and Supplies
On the week, Maryland (-6 cents) and Virginia (-5 cents) were among the four states in the Mid-Atlantic and Northeast region that saw the largest declines in gas price averages. Since last week, Delaware continues to carry the cheapest gas in the region and country at $2.52 per gallon.

At $2.68 per gallon, Maryland’s average price is the lowest since Mid-April. The state average reflects a six cents drop from last week, a 12 cents decline from last month but a 26 cents increase from last year’s price on this date. Metro areas across the state experienced weekly declines ranging from four to six cents per gallon.

The region saw the largest draw in gasoline stocks of any region with a 2.3 million barrel drop. Some of the draw can be attributed to exports. Despite the decline, levels are relatively strong at 67 million barrels total. In fact, that is a nearly 11 million barrel surplus year-over-year.


Regular Unleaded Gasoline

Now Week Ago Month Ago Year Ago

National $2.82 $2.85 $2.88 $2.47

Maryland $2.68 $2.74 $2.80 $2.42

Annapolis $2.62 $2.67 $2.77 $2.37

Baltimore $2.63 $2.69 $2.78 $2.39

Cumberland $2.80 $2.85 $2.90 $2.49

Frederick $2.69 $2.74 $2.82 $2.43

Hagerstown $2.81 $2.86 $2.87 $2.47

Salisbury $2.55 $2.61 $2.69 $2.34