Gas price remains steady as holidays approach

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Illinois 66
Pete Zarria via Foter.com / CC BY-NC-SA

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Gas prices remained steady in Delaware last week. the Mid-Atlantic region.

The  national average of $2.24 per gallon is up three cents per gallon on the week, nine cents per gallon on the month and 24 cents per gallon compared to the same time last year. The national price matches the Delaware figure. The lowest gas price in the state was on  Capitol Trail, just east of Newark. 

Neighboring southern New Jersey’s price at the pump was only three cents higher than the Delaware figure, even though motorists in the Garden State were socked with a 23-cent gas tax increase in November. 

Retail prices have steadily increased following the news of the OPEC agreement.OPEC countries agreed to reduce production by about 1.2 million barrels per day while non-OPEC countries agreed to lower production by nearly 560,000 barrels per day.  The degree of compliance with the agreement remains in question.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

  12/18/2016 Week Ago Year Ago
National $2.24 $2.21 $2.00
Pennsylvania $2.43 $2.42 $2.22
Philadelphia (5-county) $2.42 $2.42 $2.23
South Jersey $2.27 $2.27 $1.83
Wilkes-Barre $2.46 $2.44 $2.24
Delaware $2.24 $2.24 $1.91
Crude Oil

$51.90 per barrel
(Friday 12/16/16 close)

$51.50 per barrel
(Friday 12/9/16 close)

$43.41 per barrel

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil closed up 40 cents from last week to settle at $51.90 per barrel. This is $8.49 higher than one year ago. OPEC estimates that the world’s oil market will rebalance in the second half of 2017, a later scenario than laid out this week by the International Energy Agency (IEA), which predicts a surplus in the first six months if producers stick to agreed cuts.

The crude oil price  is $8.49 higher than one year ago. The International Energy Agency (IEA) still predicts a surplus in the first six months if producers stick to agreed cuts. Already drilling activity in the U.S. has 

“Crude oil has closed above $50 all this week, preventing gas prices from taking their usual seasonal downward plunge,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “As the holidays approach and millions of Americans get ready to drive to their holiday destination, gas prices will be higher than last year but still under the price they paid two years ago.”

Holiday travel figures are poised to break records across the country with more than 103 million Americans planning to travel  50 miles or more away from home. The vast majority of travelers – 93.6 million people or 91 percent of all holiday travelers – will take a holiday road trip, an increase of 1.5 percent over last year.

To check out local gas prices, log on to  (http://www.AAA.com/fuelfinder).

 

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