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.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|3/19/2017||Week Ago||Year Ago|
|$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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