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Gas prices drop heading into 2016

December 31st, 2015 by WCBC Radio

Maryland’s average is $1.98 per gallon, which is two cents less than last week, 10 cents a gallon less than a month ago, and 45 cents less than last year on this date.  The state gas tax will rise again on January 1 but only by half a cent from the previous July 1, 2015 increase.  The new rate will be 32.6 cents per gallon.  Given the nominal tax increase and gas prices trending downward, motorists are unlikely to notice the increase. In Cumberland the price is down to $1.95 a gallon. 

Fuel prices remain relatively low this time of year as demand for gasoline decreases.  Additionally, lower crude oil costs compared to last year at this time is helping to drive down gas prices to multi-year lows.  Oil prices are staying low due to a worldwide glut in inventory. There is more than enough oil to meet demand around the world, and that has allowed oil prices to drop to the lowest levels since 2009.  On Wednesday, crude oil closed lower on the week to $36.60 per barrel.  As of Thursday, early afternoon, the commodity was trading above $37 per barrel.

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