Gas price stable as domestic production increases
The gas price in Delaware remained stable while moving upward nationally, Wilmington-based AAA Mid-Atlantic reported.
The price rise nationally is due to maintenance turnarounds at refineries.
Delaware City Refining Co. owner PBF Energy also disclosed the First State refinery would undergo maintenance.
The price at the pump moved around a few cents during the week, due to local competition, but ended up a penny a gallon.
The price at the pump was as low as $2.06 a gallon in the Newark and Elsmere areas, with Dover at around $2.14, according to AAA. (See website address below).
Still, the price at the pump in Delaware is up about a half a dollar from a year ago. Crude oil prices have stayed over $50 a gallon in recent weeks.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|3/5/2016||Week Ago||Year Ago|
|$43.43 per barrel|
Data shows U.S. crude inventories rose by 1.5 million barrels to 520.2 million barrels, the highest level in their history and largely driven by imports from Saudi Arabia, Iraq, and Canada, as well as strong domestic production which stayed above 9 million barrels for the second straight week.
“February usually signals the start of a seasonal upswing in gas prices, but that did not happen this year,”said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Oil prices held steady between $52 and $54, which kept a lid on prices at the pump. As seasonal refinery maintenance begins around the region, that will likely result in an uptick in prices at the pump.”
Continued compliance from OPEC countries after a production cut was announced earlier this year kept crude oil trading higher than last year. However, increased U.S. production has led to flat prices.
Market observers expect the next major oil price move may take place after OPEC’s meeting at the end of May when members will decide whether to extend production cuts beyond the initial six-month period.
Local gas price information is available at AAA’s Fuel Price Finder(http://www.AAA.com/fuelfinder)
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