The price at the pump in Delaware dropped another seven cents during the week, approaching the levels seen a year ago, Wilmington-based AAA Mid-Atlantic reported.
The national gas price average is four cents cheaper today than it was on this day one year ago, with Delaware’s price two cents higher than during the same period last year.
In Delaware, prices moved as low as $2.08 a gallon for membres of BJ’s Wholesale Club in Elsmere as the Kirkwood Highway-Capitol Trail area between Elsmere and Newark remained the area with the state’s lowest prices. The area has a number of independent stations that buck the price setting by Wawa.
The area has a number of independent stations that buck the pricing leader, Wawa.he price of crude oil remains well below last year’s level.
Meanwhile, the price of crude oil remains well below last year’s level.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 6/18/2017 | Week Ago | Year Ago | |
| National | $2.30 | $2.34 | $2.34 |
| Pennsylvania | $2.50 | $2.54 | $2.47 |
| Philadelphia (5-county) | $2.52 | $2.57 | $2.44 |
| South Jersey | $2.25 | $2.30 | $2.05 |
| Wilkes-Barre | $2.48 | $2.52 | $2.42 |
| Delaware | $2.22 | $2.27 | $2.20 |
| Crude Oil |
$44.74 per barrel |
$45.83 per barrel |
$51.16 per barrel |
At the close of trading on Friday, WTI crude oil decreased $1.04 on the week to settle at $44.74. The market continues to see a substantial glut in crude inventories, resulting in high production rates putting downward pressure on prices per barrel. While OPEC nations continue adhering to their oil productions cuts, the U.S. continues to feed crude into the market at an impressive pace, leading to more gasoline production.
The market continues to see a glut in crude inventories.W.hile OPEC nations continue adhering to their oil productions cuts, the U.S. continues to feed crude into the market at an impressive pace, leading to more gasoline production.
While OPEC nations continue adhering to their oil productions cuts, U.S. oil production has remained strong.
“A continued oversupply of crude along with a less than expected demand for gasoline is showing local drivers prices close to, if not lower than, where they were a month ago,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Price drops in the Mid-Atlantic are reflecting the national trend, and as the summer driving season zooms ahead, U.S. drivers may see gas price drops continue into July and August.”
The EIA Short Term Energy Outlook reports that for the 2017 summer driving season regular gasoline retail prices are forecast to average $2.46 per gallon compared to $2.23 per gallon last summer. The higher estimated gasoline price is primarily the result of a higher price for crude oil.
To find out the lowest price in your area, log on to the AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
