Crude oil prices were already going up at a time of increased demand before Russia, which produces about 10% of the world’s oil, invaded Ukraine. That created supply issues and compelled the European Union to partially ban Russian oil imports, which is only driving the cost up higher.
However, Maryland also has a unique gas situation. The state passed a gas tax holiday earlier this year, but it has since expired and has not been renewed. Additionally, a gas tax increase went into effect on July 1, bringing the gas tax up from 36.1 to 42.7 cents per gallon.
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