Uncertainty in Global Economy, Libya Sends Fuel Prices Lower

Global economic uncertainty has led to more relief at the pump, according to the latest AAA survey.

AAA reports that the national average price of a gallon of regular unleaded gasoline was at $3.57 on Sunday, down 3 cents from a week ago yet 85 cent higher than a year ago. In Maryland, the average price for a gallon of regular unleaded was $3.56 on Sunday, down 5 cents from a week ago yet still 91 cents more than a year ago. 

Gas prices could fall further this week, according to AAA, as the market is also watching the situation in Libya, where rebels appear on the verge of taking control of the country which also includes oil facilities vital to winning the six-month-old civil war Crude oil closed at $82.26 Friday, down nearly four percent on the week.

“U.S. financial markets continued to lose footing this week, raising concerns about the country’s economic recovery and the likelihood for a double-dip recession,” said AAA Mid-Atlantic spokesman Ragina C. Averella. “However, amidst economic volatility, lower prices at the gas pumps continue to be a silver lining for motorists. 

"Whether motorists are looking to save on regular fill-ups or looking to squeeze in one last summer road trip during the upcoming Labor Day weekend, continued declines in crude oil prices would fuel both scenarios.”

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