Across the Mid-Atlantic region, prices at the pump staged a slow retreat, with a nickel drop in Delaware, Wilmington-based AAA Mi-Atlantic reported.
The lowest gas price in Delaware, according to AAA reports, was $2.18 a gallon in Elsmere, with the average price at $2.30.
Nationally, the price of gasoline has dipped since last week with today’s average three cents less per gallon than one week ago, five cents more than one month ago and 46 cents more per gallon year-over-year. The slight decrease in retail prices can be attributed to lower demand and adequate supply, AAA reported.
The slight decrease in retail prices can be attributed to lower demand and adequate supply.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 1/22/2017 | Week Ago | Year Ago | |
| National | $2.31 | $2.24 | $1.85 |
| Pennsylvania | $2.61 | $2.64 | $2.04 |
| Philadelphia (5-county) | $2.62 | $2.64 | $2.05 |
| South Jersey | $2.34 | $2.39 | $1.67 |
| Wilkes-Barre | $2.62 | $2.64 | $2.03 |
| Delaware | $2.30 | $2.35 | $1.78 |
| Crude Oil |
$53.22 per barrel |
$52.37 per barrel |
$39.51 per barrel |
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil closed up 85 cents over last week to settle at $53.22 per barrel.
The Organization of the Petroleum Exporting Countries’ (OPEC) December monthly outlook was released Wednesday, noted that output fell by 221,000 barrels per day but remains at well above levels predicted by the deal struck in November to cut oil production. In that same report, OPEC raised its forecast for demand for oil this year but also increased its forecast for U.S. supply. OPEC expects total non-OPEC supply to rise by 120,000
In that same report, OPEC raised its forecast for demand for oil this year but also increased its forecast for U.S. supply. OPEC expects total non-OPEC supply to rise by 120,000 barrels per day this year, down from a previous forecast of growth of 300,000 barrels per day.
“We are seeing a return to the typical winter season pump price drop,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Winter-blend gasoline is less expensive to produce and consumers are seeing some of the savings, albeit a little later in the season.”
Although OPEC’s production cuts just started, Saudi Arabia believes it will be able to declare “Mission Accomplished” in June after the terms of the six-month deal end. But it remains to be seen whether or not inventories will rise if OPEC members go back to full production.
The International Energy Agency (IEA) believes that a steeper month-on-month decline in production may be on the way in January.
Gas prices in your neighborhood can be found at AAA’s Fuel Price Finder at (http://www.AAA.com/fuelfinder).
