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Gas Prices at Five Year Low for July 4th

July 4th, 2015 by WCBC Radio

Despite rising prices over the past several months, drivers are poised to pay the lowest prices at the pump over the Fourth of July holiday weekend in at least five years.  Thursday’s national gas price average of $2.78 per gallon is unchanged versus one week ago and down two cents from the peak price to date for 2015, which was set on June 15 ($2.80). However, the national average is three cents per gallon higher month-over-month, largely due to regional refinery issues that put upward pressure on the national average over the last 30 days.   Maryland’s average price at the pump is trending three cents per gallon lower than the national average at $2.75 per gallon.  The state average is a penny lower compared to last week, but three cents higher versus last month on this date.  On average, the price at the pump is 94 cents per gallon lower compared to last year. Cumberland mirrors the state at $2.75 a gallon, down a penny from last week. On the second day after a statewide motor fuel tax increase took effect on July 1, Maryland’s average price remains unchanged.  With a tax increase of one percent or 1.8 cents per gallon, Maryland motorists will likely not notice the increase as gas prices have remained stable over the past week and are at their lowest level for this time of year since 2010.

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