Gas prices stable as spring price upswing approaches

Gas prices in Delaware remained stable as crude oil remained below $50 a barrel, Wilmington-based AAA Mid-Atlantic reported.

The lower crude prices and plentiful supplies of gas offset the effects of refinery maintenance and a switch over to summer-blend fuel.

The price of regular in Delaware has remained below $2.25 a gallon for weeks. The lowest price at the pump continued to come from BJ’s Wholesale Club, with a reported price of $2.06 a gallon in Elsmere and $2.10 in New Castle. Prices were also low in the Kirkwood Highway-Capitol Trail area east of Newark.

Prices will begin to creep up again over the next month due to seasonal refinery maintenance and the May 1 required switchover for producing summer-blend gasoline.

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CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

3/19/2017 Week Ago Year Ago
National $2.29 $2.30 $1.98
Pennsylvania $2.49 $2.50 $2.05
Philadelphia (5-county) $2.46 $2.47 $2.03
South Jersey $2.22 $2.22 $1.69
Wilkes-Barre $2.50 $2.50 $2.07
Delaware $2.22 $2.24 $1.88
Crude Oil

$48.78per barrel
(Fri.3/17/17close)

$48.49per barrel
(Fri. 3/10/17close)

$44.29 per barrel

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil was up 29 cents from last at $48.78 per barrel.

Crude prices remained below the $50 mark all week as the global oil market remains oversupplied, and relatively high U.S. production levels continue to be felt. Traders will continue to keep a close eye on OPEC compliance and U.S. supply and production.

“Drivers are catching a lucky break for another week at the pump,” saidJana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude oil remains below $50, and the markets are well supplied, allowing motorists some extra green in their pockets.”

Analysts note the Mid-Atlantic region will be the last region to start refinery maintenance and make the switch to summer-blend gasoline. Prices at the pump should remain low until spring arrives as stations get rid of the less expensive winter-blend gasoline.

To check out prices in your neighborhood, log on to AAA’s Fuel Price Finder(http://www.AAA.com/fuelfinder).

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