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Gas Prices May Remain Low This Winter

November 8th, 2014 by WCBC Radio

November kicked off with the national average for a gallon of gas dropping below $3.00 per gallon, although Maryland had reached that mark on October 27. Pump prices usually drop during the autumn season due to decreasing demand and the cost savings associated with producing winter-blend gasoline. However, global oil prices have declined more than anticipated, as supply has outpaced demand, contributing to even greater savings at the pump for drivers. The price of crude oil has dropped approximately 25 percent since June and on Thursday the commodity settled below $80 per barrel for the fourth consecutive trading day.

AAA expects the national average could fall another 5-15 cents in the coming weeks, which could make for the cheapest Thanksgiving gas in half a decade. The national gas price average continued its downward trend this week, dropping to $2.95 on Friday.  Friday’s gas price is five cents below one week ago, 33 cents below one month ago and 27 cents below year ago prices.

Maryland’s average price is $2.91 per gallon, reflecting a four cents drop from last week, 36 cents less than last month, and a 34 cents decline from a year ago on this date. Cumberland’s average stands at $2.99

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