Gas prices remained stable during the past week as drivers are filling up at the lowest prices since 2005.
In Delaware, drivers were paying 44 cents less per gallon than during the same period a year ago and down a penny from a week earlier.
For the first time in 36 weeks the retail cost of gasoline is above $2 a gallon in all regions of the USA.
According to the U.S. Energy Information Administration (EIA), gasoline demand hit nearly 9.4 million barrels per day in March, the highest ever level for the month, and the highest since August 2015.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
6/5/16 |
Week Ago 5/29/16 |
Year Ago 6/5/15 |
|
| National |
$2.36 |
$2.32 |
$2.76 |
| Pennsylvania |
$2.48 |
$2.48 |
$2.85 |
| Philadelphia (5-county) |
$2.47 |
$2.48 |
$2.88 |
| South Jersey |
$2.10 |
$2.10 |
$2.51 |
| Wilkes-Barre |
$2.45 |
$2.45 |
$2.78 |
| Delaware |
$2.24 |
$2.25 |
$2.67 |
| Crude Oil |
$48.62 |
$49.33 |
$62.47 |
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil was down 72 cents per barrel on the week at $48.62.
Crude oil is reportedly gaining strength on a weakening U.S. dollar which makes oil less expensive for countries holding other currencies. Over the past week both global crude oil benchmarks, Brent and WTI, exceeded the $50 per barrel threshold due to expectations of a tightening supply.
“The summer driving season is off and running with gas prices at 11-year lows,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Lower prices at the pump have contributed to the largest year-over-year growth in vehicle miles traveled in the Northeast. This growth in demand appears to be offset by the region’s abundant supply, which should help keep a lid on prices as we enter the busy summer driving season.”
The wildcard for gas prices in the coming months is the Atlantic Hurricane Season, which runs from June 1 to November 30.
According to the National Oceanic and Atmospheric Administration’s Climate Prediction Center, this year’s season will likely be near normal, which means of the 10-16 named storms, four to eight could become hurricanes.
Should any of the severe storms or hurricanes reach landfall, production, refining and distribution could be affected. This can lead price spikes in regional markets along the coast and in areas that rely upon crude oil and refined product from these regions.
For detail price information, motorist can go to the AAA Fuel Price Finder (AAA.com/fuelfinder).
