Gas prices drop as July 4 holiday approaches

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No one is predicting $2 a gallon gas. But Delaware is seeing prices move in a  downward direction, Wilmington-based AAA Mid-Atlantic reported. 

The price at the pump in Delaware fell four cents during the past week and now match the figure for the same time a year earlier. Demand for gasoline was strong over the Memorial Day weekend but fell afterward.

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

  6/25/2017 Week Ago Year Ago
National $2.27 $2.30 $2.31
Pennsylvania $2.46 $2.50 $2.45
Philadelphia (5-county) $2.48 $2.52 $2.42
South Jersey $2.20 $2.25 $2.04
Wilkes-Barre $2.44 $2.48 $2.40
Delaware $2.18 $2.22 $2.18
Crude Oil

$43.01 per barrel
(Fri. 6/23/17 close)

$44.74 per barrel
(Fri. 6/16/17 close)

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$51.19 per barrel

 

At the close of trading on Friday  West Texas Intermediate crude oil decreased $1.73 on the week to settle at $43.01.

The Energy information Administration (EIA) reported crude inventories and gasoline stockpiles fell but noted that petroleum in storage was plentiful. Until global crude inventories decline, the price per barrel will likely remain below $50.

“Even as summer gasoline demand grew in previous weeks, it’s no match for the rise in crude oil supply,” said Jana L. Tidwell, manager of public and government affairs for AAA Mid-Atlantic. “Motorists stand to benefit from what could be historically low gas prices just in time for the Independence Day holiday weekend.

Tropical Storm Cindy made landfall along the coast of Louisiana Thursday. Some reports are finding around one-sixth of the Gulf of Mexico’s oil production had been shut off. That  could affect oil and gas imports and exports in the coming week.

The summer driving season continues with the upcoming July Fourth holiday weekend. AAA is forecasting a record-breaking 44.2 million Americans will travel 50 miles or more away from home, a 2.9 percent increase over 2016 and 1.25 million more travelers than last year. Of those planning to travel, 37.5 million will drive to their destinations, an increase of 2.9 percent over last year.

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

 

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