BALTIMORE, MD—The national average gas price jumped 10.6 cents this week to $3.21 per gallon, according to GasBuddy. This marks the largest weekly increase of the year so far. However, experts predict that the price hike is unlikely to last long due to plummeting oil prices.

The recent surge in gas prices is attributed to concerns about the global economy following the US announcement of significant tariffs and OPEC+ restoring oil production faster than anticipated. The national average is still 35.6 cents lower than a year ago, but it is up 13.2 cents from a month ago.

“While the national average price of gasoline saw its largest weekly gain of the year, it likely won’t last long, as oil prices have plummeted amid growing concerns about the global economy following the U.S. announcement of some of the most significant tariffs in over a century, along with OPEC+ restoring oil production faster than anticipated,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition to falling oil prices, the stock market has dropped sharply, and the risk of a recession has increased — raising the likelihood of reduced global energy and oil demand, which is sending prices lower. As a result, motorists can expect gas prices to begin falling nearly coast-to-coast, with oil now at its lowest level since the early days of the pandemic in 2021. If tariffs aren’t scaled back soon, the national average could fall below $3 per gallon in the weeks ahead, with no clear indication of how long it might stay there as market volatility persists.”

See previous gas price reports here

In and around the Nottingham area, the cheapest gas this week could be found at these locations…

• Bowleys Quarters
• Carney
• Edgewood
• Essex
• Fallston
• Joppa
• Kingsville
• Middle River
• Nottingham
• Overlea/Fullerton
• Parkville
• Perry Hall
• Rosedale
• Rossville
• Towson
• White Marsh

This article was written with the assistance of AI and reviewed by a human editor.

Photo via Pixabay

Please follow and like us: