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Gas prices in Maryland reach record levels

California High Gas Prices
Posted at 10:49 PM, Mar 07, 2022
and last updated 2022-03-07 23:10:24-05

Gas prices are on the rise across the country, including here in Maryland. According to AAA, the average price of gas across the state is $4.09.

It's a price that's surpassed the previous record set in 2008. It's also up nearly 50 percent from this same time a year ago.

RELATED: Maryland gas prices for a gallon of regular surpasses $4 overnight

“We’re going to spend a lot of weekends down south gas getting gas aren’t we?" said Gennifer Robinson. "Just got to go where it’s cheap.”

The prices have some drivers in Baltimore thinking of alternatives to save gas and of course money.

“I have the option to drive to work or take the metro. I drive to the metro station it’s a shorter drive. I’ve been taking the metro to more now to kind of limit the amount of driving," said Esteban Caballero.

Robert Barbara, who is the Director of Center for Financial Economics at Johns Hopkins University, said the big reason for the increase is Russia’s invasion of Ukraine.

Barbara said Russia is one of the largest oil producers in the world and attempts to cut them out of the market is impacting the price of oil and in turn gas.

“There’s a discussion about the U.S refusing imports from Russia. Some of the countries of Europe are saying we don’t know if we want to do that, but the reality is we’ve shutdown a lot of the financial architecture Russia uses," Barbara said. "And so many users of Russian petroleum now even if they want to use it they can’t find the financing, the banks, you can’t buy it even if we haven’t quite shut it down yet.”

Barbara said relief at the pump may not be coming anytime soon.

“Oil companies are very quick to raise the prices and very slow to lower them," he said. “The way it looks right now, the next buck or two is in the other direction.”

For drivers, they’re hoping that’s not the case.

“I’m okay with it though. As long as it doesn’t go to $5.14. If it goes to $5.14, we have a problem," Robinson said.

AAA has reported an increase in gas prices since the beginning of the year due to a rise in oil prices. That, along with high demand, is another reason for higher gas prices.