Gas Prices Might Finally Be on the Decline

Gas prices may finally start to ease following steep declines in crude oil prices. 

The national average price of regular grade gasoline was $3.97 Sunday, just 13 cents shy of the all-time record high of $4.11 a gallon set in July 2008, according to the latest AAA survey. 

Prices at the pump were up 3 cents from a week ago and $1.05 higher than year ago prices. In Maryland, the average price of regular grade gasoline was $3.98 on Sunday, up 3 cents from a week ago and $1.08 from a year ago 

According to AAA, some analysts believe gas prices could continue decline without ever crossing the $4 a gallon threshold nationally.

Crude oil began the trading week just shy of $114 a barrel, but by week’s end the commodity declined in a record pace.  In one of the largest single one-day drops since September 2008, crude oil fell 10 percent Thursday to under $100 a barrel, the first time under the triple-digit mark since March. 

Accoring to AAA, weak economic data from Europe, a jump in the value of the U.S. dollar, concerns over domestic oil demand and weekly U.S. jobless claims hitting eight-month highs all contributed to crude oil’s pullback.

“This week’s collapse of the crude oil market has motorists wondering when the effects will be felt at the pump,” said AAA Mid-Atlantic spokesman Ragina C. Averella in a statement.  “For as quickly as gas prices respond to increases in crude oil prices, they typically don’t respond to declines at the same speed, but this year has been anything but typical."

Here are the cheapest gas prices in Essex-Middle River, according to MarylandGasPrices.com: