NOTTINGHAM, MD—Gas prices rose two cents over the past week to $3.20 per gallon, a level not seen since October 2014. The probable causes for the increase are a slight uptick in demand and the high price of crude oil, which is stubbornly staying above $73 bbl, according to AAA.
“Global economic uncertainty and supply chain concerns caused by the lingering COVID-19 pandemic could be playing a role in keeping crude oil prices elevated,” said Andrew Gross, AAA spokesperson. “But, there may be some relief on the horizon due to the news that OPEC and its allies might ramp up production increases faster than previously agreed.”
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased slightly by 200,000 bbl to 221.8 million bbl last week. Gasoline demand also rose from 8.90 million b/d to 9.4 million b/d, more than a 5% increase. However, according to the EIA, oil and natural gas production was lower than pre-pandemic levels during the same quarter in 2019. This tightened supply is helping keep crude prices above $73 per barrel and preventing pump prices from taking their usual seasonal swoon.
Today’s national average of $3.20 is two cents more than a month ago and is $1.02 more than a year ago.
In the NottinghamMD.com coverage area, the cheapest gas as of Monday was located at Costco (9919 Pulaski Highway in White Marsh), Sam’s Club (6410 Petrie Way in Rosedale), and BJ’s (4201 Wholesale Club Drive). The price per gallon for regular gas was $2.78 at each location, unchanged from last week. The price at BJ’s at 4201 Wholesale Club Drive in Nottingham sits at $2.82 per gallon while the Rio station at 7300 McClean Boulevard in Parkville is at $2.93 per gallon.