Gas prices moved higher over the past week due to rising crude oil prices.
Gas prices in Delaware jumped eight cents a gallon, following a similar increase a week earlier.
Wilmington-based AAA Mid-Atlantic reported that prices have been driven by crude oil prices surging more than 20 percent this month. Refineries also had production issues.
This includes a number of refineries in the Gulf Coast that are undergoing unplanned maintenance as a result of flooding in Louisiana and a refinery fire in Texas.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 8/28/2016 | Week Ago | Year Ago | |
| National | $2.21 | $2.16 | $2.51 |
| Pennsylvania | $2.33 | $2.28 | $2.54 |
| Philadelphia (5-county) | $2.31 | $2.27 | $2.53 |
| South Jersey | $1.97 | $1.91 | $2.14 |
| Wilkes-Barre | $2.31 | $2.24 | $2.46 |
| Delaware | $2.12 | $2.04 | $2.31 |
| Crude Oil |
$47.64 per barrel |
$48.52 per barrel |
$51.96 per barrel |
West Texas Intermediate crude oil prices have increased more than 20 percent in August. At the close of Friday’s formal trading session on the NYMEX closed down 84 cents from last week to settle at $47.64 per barrel, closing above the $46 mark every day this week.
The upward momentum has been further supported by reports that OPEC members will again consider an agreement that would limit production in the face of the global glut of crude oil supplies.
This upward momentum has been further supported by reports that OPEC members will again consider an agreement that would limit production in the face of the global glut of crude oil supplies that has more than halved prices in recent years. However, industry observers doubt such a deal will take place.
“While pump prices in our region have moved higher over the past week, domestic gasoline supplies remain high and oil prices remain relatively lower compared to recent years,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Prices could even dip back below $2.00 per gallon once the summer driving season is complete and as many regions are allowed to transition to selling cheaper-to-produce winter-blend gasoline.”
In the coming days and weeks, retail gas prices may be affected by the decline in demand for gasoline as summer comes to an end, especially after Labor Day.
Weather disturbances could also play a role if refineries are forced to slow production or shut down.
Refineries will also contribute to a change in prices as they shift to producing cheaper and easier to make winter blends of gas.
You can find out gas prices in your neighborhood at (http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
