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Gas prices climbing

October 8th, 2016 by WCBC Radio

Pump prices nationally have climbed higher in the past few days, while locally Maryland’s average price has held relatively stable over the past week. Today’s national average price for regular unleaded gasoline is $2.26 per gallon, four cents more than one week ago and seven cents more than one month ago. Despite the rise in pump prices, drivers continue to experience year-over-year savings with today’s nationwide average price four cents per gallon less than the same date last year.

Maryland’s average cost at the pump is trending slightly lower than the national average at $2.25 per gallon. The state average is one cent higher than last week’s price and five cents higher than one month ago.  Maryland’s average now reflects an uptick from last year’s price on this date by a penny.

West Texas Intermediate (WTI) crude oil continued trading higher this week compared to last week, with the commodity settling above $50 per barrel at $50.44 on Thursday for the first time since June 23.  The higher benchmark closing price for crude could be attributed to the Energy Information Administration’s weekly Wednesday report, which reflected declines in U.S. crude inventories for the first time since January.  Additionally, the recent deal struck by the members of OPEC continues to have an effect on oil prices this week, along with concerns oil supplies could be affected by oil tankers being diverted to avoid the storm.

 

CURRENT AND PAST GAS PRICE AVERAGES 
Regular Unleaded Gasoline

 

10/7/16

Week Ago

Month Ago

Year Ago

National

$2.26

$2.22

$2.19

$2.30

Maryland

$2.25

$2.24

$2.20

$2.24

Baltimore

$2.23

$2.25

$2.20

$2.22

Cumberland

$2.31

$2.18

$2.17

$2.24

Hagerstown

$2.28

$2.26

$2.18

$2.33

Salisbury

$2.14

$2.15

$2.07

$2.20

Washington Suburbs (MD only)

$2.27

$2.26

$2.23

$2.27

 

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