BALTIMORE (WJZ) — The cost of gas is up across the country, including in Maryland, and is inching toward the highest price in three years.
Gas is going up about a penny every other day — 15 cents in the past month.
“We’ll be paying the highest prices for this time of year since 2014,” said Christine Delise with AAA.
Gas companies are changing over to a different summer blend. To do so, some refineries shut down, leading to the classic market principal of supply and demand. A tighter supply means they can demand more for your fuel.
Demand is up as people are driving more, and crude oil prices are up $15 per barrel compared to this time last year.
“Every time crude oil prices rise a dollar, consumers will pay roughly 2.4 cents more per gallon,” Delise said.
This week, the average price in marylMarylandxactly the same as the nationwide average of $2.67 a gallon.