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Gas Prices Rising Locally

November 13th, 2016 by WCBC Radio

Gas prices around the Mid-Atlantic region have remained relatively flat during and following the second Colonial Pipeline disruption in two months. Colonial Pipeline’s Line 1 operations were restored last Sunday, November 6, after more than a week of downtime following a deadly explosion October 31. Prices across Maryland remained fairly steady as well, with the exception of the Salisbury Metro area, whose average rose seven cents per gallon over the week long shutdown.

The national average price for gasoline at $2.19 per gallon is three cents less than last week, seven cents less than last month, and two cents per gallon lower compared to last year on this date.

Maryland’s average price is trending lower as well at $2.20 per gallon, a penny lower compared to last week, six cents less than last week and is on par with last year’s price.

At the close of Thursday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) settled at the same price as last week, $44.66 per barrel. The Energy Information Administration (EIA) reports crude oil inventories increased by 2.4 million barrels (to a total of 485 million barrels) which is 30.2 million barrels above last year. Continued negotiations among OPEC and non-OPEC members are also weighing on the oil market. The Secretary-General of OPEC announced earlier this week that the group was still committed to developing an output deal to cut oil production, but no formal agreement has been reached. Traders will keep a close eye on the Colonial Line 1 restart and upcoming OPEC meetings.

CURRENT AND PAST GAS PRICE AVERAGES 
Regular Unleaded Gasoline

 

11/11/16

Week Ago

Month Ago

Year Ago

National

$2.19

$2.22

$2.26

$2.21

Maryland

$2.20

$2.21

$2.26

$2.20

Baltimore

$2.18

$2.19

$2.24

$2.19

Cumberland

$2.36

$2.34

$2.34

$2.18

Hagerstown

$2.32

$2.33

$2.29

$2.17

Salisbury

$2.13

$2.13

$2.13

$2.18

Washington Suburbs (MD only)

$2.22

$2.24

$2.29

$2.22

 

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