Gas prices in Baltimore have experienced a significant drop over the past week, witnessing a decrease of 8.1 cents per gallon to settle at an average of $2.78, as reported by a GasBuddy survey of 663 stations. Despite this weekly decline, the current prices are slightly higher by 1 cent when compared to a month ago, but notably lower by 31.6 cents compared to the same time last year.
The survey revealed that the lowest gas price in Baltimore was $2.35 per gallon, contrasting sharply with the highest price, which reached $3.09, creating a notable 74-cent variation.
On a national level, the average gas price experienced a minor reduction of 0.8 cents per gallon, now resting at $2.73. This is a decrease of 17 cents from last month and 28.9 cents lower than what was recorded a year prior. Diesel prices have also followed a downward trend, with the national average declining by 2.3 cents, arriving at $3.475 per gallon.
In Maryland, the average gas price stands at $2.81, reflecting a drop of 6.1 cents from last week. Conversely, Washington D.C. has reported an increase of 2.6 cents, resulting in an average of $3.12 per gallon, while York has seen a price rise of 7 cents, now averaging $3.07 per gallon.
Patrick De Haan, the head of petroleum analysis at GasBuddy, mentioned that while gas prices across the nation have remained relatively stable, certain states are experiencing notable fluctuations. He added that the ongoing situation in Venezuela might influence oil prices, but it is too soon to predict a significant impact on U.S. gas prices. “For now, gas prices remain seasonally lower, but with oil prices inching higher, we could see some limited upward movement in the national average soon,” said De Haan.
This decline in gas prices may come as a relief to Baltimore residents, providing a potential boost to local consumers as they continue to navigate economic challenges.