The average gas prices in Baltimore have fallen 5.9 cents per gallon within the last week, averaging $3.27 per gallon, according to GasBuddy's survey.
GasBuddy surveyed 663 stations in Baltimore.
Prices in Baltimore are 3.5 cents per gallon higher than a month ago and stand 55.3 cents per gallon lower than a year ago.
"The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities."
The national average price of diesel has fallen 5.6 cents in the last week and stands at $4.25 per gallon.
According to GasBuddy price reports, the cheapest station in Baltimore was priced at $3.01/g yesterday while the most expensive was $3.69/g, a difference of 68.0 cents per gallon.
The lowest price in the state yesterday was $2.97/g while the highest was $3.99/g, a difference of $1.02/g.
Neighboring areas and their current gas prices:
- Maryland- $3.27/g, down 6.2 cents per gallon from last week's $3.34/g.
- Washington DC- $3.40/g, up 2.1 cents per gallon from last week's $3.38/g.
- York- $3.65/g, down 4.0 cents per gallon from last week's $3.69/g.