January 4th, 2020 by WCBC Radio

Crude oil prices spiked more than $2 a barrel Friday, as a result of the U.S. airstrike Thursday, which killed Major Gen. Qasem Soleimani, Iran’s intelligence chief. About a fifth of the world’s oil supply passes through the narrow Strait of Hormuz, off the southern coast of Iran. If the route were closed due to threats of attacks, it could be a setback to the global economy. A crude oil price increase is to be expected when it comes to current events. The impact on consumers will depend on how large the price increase is and how long that price increase lasts.

The gas price average in Maryland today is $2.51, which is up respectively three cents in the last week, four cents from last month, and 30 cents from this date last year.

 Today’s national gas price average is $2.58, up three cents in the last week, down a penny in the last month and up 34 cents from this time last year.

CURRENT AND PAST GAS PRICE AVERAGES 

Regular Unleaded Gasoline

	Today	Week Ago	Month Ago	Year Ago
National	$2.58	$2.55	$2.59	$2.24
Maryland	$2.51	$2.48	$2.47	$2.21
Annapolis	$2.47	$2.45	$2.43	$2.14
Baltimore	$2.48	$2.46	$2.44	$2.14
Cumberland	$2.72	$2.69	$2.72	$2.39
Frederick	$2.50	$2.47	$2.46	$2.18
Hagerstown	$2.57	$2.53	$2.50	$2.34
Salisbury	$2.45	$2.42	$2.41	$2.06
Washington Suburbs (MD only)	$2.58	$2.55	$2.55	$2.38