Maryland Gas Prices Expected To Climb Due To Ukraine Invasion

Columbia MD

27 February, 2022

7:08 PM

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MARYLAND — Oil prices in the United States rose to over $100 a barrel on Thursday after Russia launched an invasion of Ukraine, and experts predict that higher oil and gasoline bills are on the way this week. The increased demand for gasoline accompanied by the attacks on Ukraine is contributing to the rise of gas prices in Maryland, according to the American Automobile Association. The average price of regular gas in the U.S. is $3.60 a gallon — 89 cents more than a year ago, and an increase of 28 cents from a month ago, AAA said. In Maryland, the average price of regular gas was $3.60 per gallon on Sunday, up 3 cents from a week ago, an increase of 31 cents in the past month, and an 89-cent jump from one year ago, AAA said. Russia is a major producer and exporter of crude oil and natural gas. According to an NPR report, investors are concerned that the conflict will disrupt some exports on the ground, while sanctions will hinder others. The U.S. has not yet sanctioned Russia's gas exports, but has acknowledged that other sanctions against Russia will affect global prices. Here are current gas prices across Maryland, according to Gas Buddy. Baltimore city: $3.19Anne Arundel County: $3.44Baltimore County: $3.31Carroll County: $3.42Harford County: $3.49Howard County: $3.50Montgomery County: $3.43Prince George's County: $3.44 As the conflict intensifies, AAA said the energy market actually suffered its first week of losses last week. This snapped an eight-week streak of oil price gains. After reaching a new 2022 high of $95.46 per barrel on Feb. 21, the price for U.S. crude declined 5 percent by the end of the week. That resulted in a 2 percent week-over-week decline of $2 per barrel — the equivalent of a five-cent drop at the pump. "It's hard to get too excited about the recent oil price drop, because prices could easily rebound if Russia invades Ukraine," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "If an invasion occurs and oil prices spike, that will most certainly drag gas prices higher too. To what degree, it's still unclear." Maryland drivers shouldn't expect prices to drop right away. According to AAA, as the conflict persists with more sanctions and retaliatory actions, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies.