Gas prices rose three cents a gallon last week as the summer driving season approaches, Wilmington-based AAA Mid-Atlantic reported.
In coming weeks, the onset of summer travel is likely to increase demand which might cut into high gasoline stocks. It might not be enough to cause a sharp gain in gas prices.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 5/21/2017 | Week Ago | Year Ago | |
| National | $2.36 | $2.34 | $2.28 |
| Pennsylvania | $2.57 | $2.58 | $2.45 |
| Philadelphia (5-county) | $2.57 | $2.56 | $2.47 |
| South Jersey | $2.30 | $2.28 | $2.08 |
| Wilkes-Barre | $2.56 | $2.58 | $2.43 |
| Delaware | $2.25 | $2.22 | $2.24 |
| Crude Oil |
$50.33 per barrel |
$47.84 per barrel |
$50.54 per barrel |
At the close of trading Friday, West Texas Intermediate crude oil increased $2.49 to settle at $50.33.
The Organization of the Petroleum Exporting Countries (OPEC) released its May report, warning that the global oil market will not rebalance by the end of the year unless there is a collective effort from all oil producers to increase market stability.
OPEC is expected to draft a production cut extension during its meeting in Vienna on May 25, AAA Mid-Atlantic reported.
However, there is skepticism that any extended cuts will offset growing U.S. production. Drivers maycontinue to benefit at the pump – even during the typically more expensive summer driving season.
“The unofficial start of summer is less than a week away and motorists are gearing up to take to the roads,” said Jana L. Tidwell, manager of public and government affairs for AAA Mid-Atlantic. “Though prices at the pump are likely to be the highest since 2015, AAA is projecting the highest Memorial Day holiday weekend travel volume since 2005.”
AAA projects 34.6 million Americans (88.1 percent of travelers) will drive 50 miles or more to their destinations during the upcoming Memorial Day holiday weekend, an increase of 2.4 percent over last year. While AAA expects most U.S. drivers will pay the highest Memorial Day gas prices since 2015, the vast majority of holiday travelers are still expected to hit the road.
Local gas prices are available at AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
