Gas Prices Slip Amid Economic Uncertainty

Gas prices fell slightly this week as economic uncertainty remains nationwide, according to the latest AAA survey.

The average price of a gallon of regular unleaded gasoline on Sunday was $3.67 a gallon, down four cents from a week ago, yet up 89 cents from a year ago. Also, according to the survey, the average price for regular unleaded was $3.69 in Maryland, down two cents from a week ago yet still 99 cents higher than a year ago.

“Turmoil across global financial markets this week resulted in crude oil tumbling nearly $9 or 10 percent,” AAA Mid-Atlantic spokesman Ragina C. Averella said in a statement. “How will such significant declines affect prices at the pump? Crude oil makes up almost 70 percent of a gallon of gas, which is why gas prices are tied so closely to crude oil prices. 

"While gas prices rise like a rocket so gas station operators can cover the cost of the more expensive fuel they will purchase in the coming days; they in turn fall like a feather as operators hold off on lowering prices at the pump in order to cover the cost of the more expensive gas already in the ground. If crude oil stabilizes or continues to decline, motorists will undoubtedly begin to feel some relief at the pump in the coming weeks."

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