The recent dip in gasoline prices has brought a sigh of relief to Maryland drivers, with averages dropping below the $3 per gallon mark for the first time since June 2020. According to Fox Baltimore, the average price in Baltimore stands at $2.96 per gallon after a recent 9.2-cent decline. This is complemented by a more substantial 19.5-cent drop from last month and a decrease of 14.7 cents from the previous year.
Further reaffirming these figures, WBAL reported a state average of $2.99 per gallon, 16 cents less than the price a month ago. Maryland’s current fuel costs not only slide under the $3 threshold but also sit below the national average, which was $3.03 per gallon on Monday.
Patrick De Haan, head of petroleum analysis at GasBuddy, attributes the significant downturn to an increase in oil production by OPEC+. "Gas prices have finally fallen below $3 per gallon nationally— the earliest date we've seen a $2.99 national average since 2020, when COVID was the primary driver of low prices," De Haan stated, as per Fox Baltimore. He added that prices are likely to remain below year-ago levels and may stay under $3 in the upcoming months.
The impact of weather has also played a role in the ebb and flow of fuel pricing, with AAA noting that the relative calm in tropical activity has helped prevent disruptions in gas prices. In a statement obtained by WBAL, AAA mentioned that falling crude oil prices and reduced demand are the primary causes behind the downward price trend. Maryland ranks 33rd for the cheapest regular fuel prices among states and Washington, D.C., with Oklahoma claiming the lowest average at $2.50 per gallon.
