World Events Continue to Impact Gas Prices

After one month of consecutive gains, the national gas price average dropped slightly this week following the steepest increase in prices since Hurricane Katrina in 2005, according to the latest AAA survey. 

The national average price of regular grade gasoline fell to $3.55 Sunday, down a cent from a week ago, yet still up 73 cents from 2010. Gas prices remain 57 cents shy of the all-time high of $4.11 a gallon set in summer 2008.

In Maryland, gas prices actually rose again to an average of $3.56 a gallon for regular on Sunday, up a cent from a week ago and up 76 cents from a year ago, accoridng to AAA.

 Crude oil prices dropped below the $100 a barrel mark this week, mainly over concerns over the Japanese economy in the wake of the country’s strongest earthquake on record a week ago. However, that was short-lived as fears of geopolitical tension in the oil-rich Middle East and North Africa rose Friday after the United Nations approved military action (a no-fly zone to halt government troops) to contain Libyan leader Muammar Gaddafi and unrest intensified in Bahrain. 

“While no one is ready to call this week’s stability at the gas pumps a trend, the recent slowing and even declines in some areas is welcome news for motorists,” said AAA Mid-Atlantic spokesman Ragina C. Averella in a statement. “Given the uncertainty in the crude oil market following continued unrest in the Middle East and North Africa, and last week’s 9.0 magnitude earthquake in Japan, it’s too soon to tell what the short or long term effects will be on gas prices.”

The following are the best gas prices according to Maryland Gas Prices.com