Average gas prices continue falling in Maryland

Average gasoline prices in Maryland have fallen 3.7 cents per gallon in the last week, averaging $2.91 per gallon on Monday, according to GasBuddy’s survey of 2,167 stations in Maryland.

Prices in Maryland are 26.5 cents per gallon lower than a month ago and stand 18.5 cents per gallon lower than a year ago. The national average price of diesel has declined 1.8 cents in the last week and stands at $3.472 per gallon.

According to GasBuddy price reports, the cheapest station in Maryland was priced at $2.63 per gallon Sunday while the most expensive was $3.79 per gallon, a difference of $1.16 per gallon.

The falling prices may be coming to an end.

“As we edge closer to the end of the year, we’re seeing momentum for falling gas prices weaken, which is typical as the national average generally bottoms out between Thanksgiving and Christmas,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With oil prices rising back above $70 last week, gas prices may have less potential to drop much further, though there may be a second window of lower prices in January or February in some areas, but even that won’t last long.”

The national average price of gasoline has risen 0.8 cents per gallon in the last week, averaging $2.98 per gallon today. The national average is down 7.5 cents per gallon from a month ago and stands 7.1 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Historical gasoline prices in Maryland and the national average going back 10 years:

• Dec. 16, 2023: $3.10 per gallon (U.S. Average: $3.05 per gallon)
• Dec. 16, 2022: $3.18 per gallon (U.S. Average: $3.13 per gallon)
• Dec. 16, 2021: $3.31 per gallon (U.S. Average: $3.32 per gallon)
• Dec. 16, 2020: $2.34 per gallon (U.S. Average: $2.20 per gallon)
• Dec. 16, 2019: $2.45 per gallon (U.S. Average: $2.56 per gallon)
• Dec. 16, 2018: $2.33 per gallon (U.S. Average: $2.36 per gallon)
• Dec. 16, 2017: $2.43 per gallon (U.S. Average: $2.43 per gallon)
• Dec. 16, 2016: $2.28 per gallon (U.S. Average: $2.23 per gallon)
• Dec. 16, 2015: $2.02 per gallon (U.S. Average: $2.01 per gallon)
• Dec. 16, 2014: $2.63 per gallon (U.S. Average: $2.51 per gallon)

Neighboring areas and their current gas prices:

• Baltimore: $2.84 per gallon, down 5.5 cents per gallon from last week’s $2.90 per gallon.
• Washington, D.C.: $3.15 per gallon, down 0.5 cents per gallon from last week’s $3.16 per gallon.
• Hagerstown: $3.00 per gallon, down 6.1 cents per gallon from last week’s $3.06 per gallon.

“While several states saw gas prices cycle last week, marked by a big jump in prices after a large decline, those that did see hefty jumps should see prices drift a bit lower, potentially making a second run at the season’s lowest prices,” De Haan said. “The West Coast, including California, should continue to see prices drift lower, but with just a few weeks left in 2024, all attention turns to 2025. GasBuddy’s 2025 Fuel Outlook, among the nation’s most accurate fuel price forecasts, will be released in the coming weeks, offering motorists a glimpse into gas prices for the coming year.”