Gas prices are falling — but might tick up soon

First published Thursday, Sept. 19, 2024 in the Dundalk Eagle.

The trend of gas getting cheaper continues. 

On average, a gallon of gas costed $3.01 per gallon on Monday in the Baltimore area, according to a Gasbuddy analysis. That’s about 10 cents cheaper than last week’s average, which averaged $3.12 per gallon in the Baltimore area. 

Gas is still significantly cheaper in this region than the average across the nation, a whole 14 cents per gallon.

Average gas prices are approaching 2021 levels, Gasbuddy data shows — on Sept. 16, 2021, average gas prices in Baltimore were $2.99 per gallon, only two cents less expensive than this week’s average. 

Still, gas prices continue to be far more expensive than pre-pandemic. 

Will the honeymoon of tumbling gas prices continue though? According to an Energy Information Administration analysis, no. 

“Slowing global economic activity and reduced fuel demand in China, one of the leading sources of global oil demand growth, as well as signs of slowing U.S. job growth in recent months, have limited any upward price momentum in recent months,” the administration wrote in a report. “However, we still expect oil prices will rise in the coming months, driven by ongoing withdrawals from global oil inventories as a result of OPEC+ production cuts.”

OPEC, which stands for Organization of the Petroleum Exporting Countries, is a consortium of 12 countries that produce oil and includes many Middle Eastern countries, several African countries, and one member from South America, Venezuela. OPEC+ countries aren’t part of OPEC but agreed to reduce oil production in the past.