Gas prices dipped slightly in Delaware as crude oil prices stayed above $50 a barrel.
Prices continue to wobble as areas of the country impacted by Hurricane Matthew work to replenish supply and several refineries across the country address undergo and unplanned facility maintenance, Wilmington-based AAA-Mid Atlantic reported.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 10/23/2016 | Week Ago | Year Ago | |
| National | $2.22 | $2.24 | $2.22 |
| Pennsylvania | $2.40 | $2.40 | $2.32 |
| Philadelphia (5-county) | $2.36 | $2.37 | $2.29 |
| South Jersey | $1.99 | $1.98 | $1.91 |
| Wilkes-Barre | $2.40 | $2.39 | $2.32 |
| Delaware | $2.13 | $2.16 | $2.22 |
| Crude Oil |
$50.85 per barrel |
$50.34 per barrel |
$50.27 per barrel |
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) closed up 51 cents from last week to settle at $50.85 per barrel.
Oil prices settled at a 2016 high Wednesday at $51.60 a barrel) in response to the Energy Information Administration’s (EIA) weekly report showing crude oil inventories decreased by 5.2 million barrels. This marks the sixth week out of seven that domestic crude oil inventories have dropped.
“Mid-Atlantic prices at the pump have been on a carousel ride, up and down a penny or two each day this week,” says Jana L. Tidwell, manager of public and government affairs for AAA Mid-Atlantic. “Crude oil reached a 2016 high this week, which can cause gas prices to inch upward, rather than their typical autumn decrease.”
Analysts are still awaiting details on a final agreement from the Organization of Petroleum Exporting Countries (OPEC) that will determine how oil production may be cut.
Prices above $50 a barrel could spur domestic production of oil.
Oil prices have fluctuated near $50 a barrel for more than two weeks amid the uncertainty about whether a consensus on reducing output can be reached.
For local gas prices, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
