Delaware gas prices drop slightly as domestic production surges

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Pump prices around the Mid-Atlantic region stalled this week after rising slightly the week before, Wilmington-based AAA Mid-Atlantic reported. 

Gas prices remain low,  but consumers could still see a slight price increase throughout July, especially if hurricanes return to the Gulf of Mexico.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

  7/16/2017 Week Ago Year Ago
National $2.25 $2.26 $2.22
Pennsylvania $2.46 $2.46 $2.34
Philadelphia (5-county) $2.47 $2.48 $2.30
South Jersey $2.22 $2.23 $1.94
Wilkes-Barre $2.43 $2.43 $2.31
Delaware $2.18 $2.20 $2.06
Crude Oil

$46.54 per barrel
(Fri. 7/14/17 close)

$44.23 per barrel
(Fri. 7/7/17 close)

$50.87 per barrel

At the close of NYMEX trading Friday, West Texas crude oil increased $2.31 on the week to settle at $46.54.

Oil production remains strong, with U.S production up by 59,000 barrels a day last week. In a separate monthly report Tuesday, the EIA said annual U. S. production is still on pace to reach a record in 2018. Meanwhile, the International Energy Agency (IEA) said the oil market could stay oversupplied for longer than expected due to rising production and limited output cuts by some OPEC exporter

Oil production remains strong, with U.S production up by 59,000 barrels a day last week. In a separate monthly report Tuesday, the EIA said annual U. S. production is still on pace to reach a record in 2018.

Meanwhile, the International Energy Agency (IEA) said the oil market could stay oversupplied for longer than expected due to rising production and limited output cuts by some OPEC exporters.

Wednesday’s monthly report from OPEC showed that global oil supply rose by 660,000 barrels a day compared with a month earlier and OPEC member crude production increased by 393,000 barrels a day from May, with higher output from Libya, Nigeria, Angola, Iraq and Saudi Arabia. OPEC and top nonmembers will meet in Russia on July 24 to discuss the effectiveness of the oil production cuts made months ago.

Local prices varied widely, with a $2.16 a gallon price offered in many areas, with the price dropping as low as $2.06 a gallon in the  Kirkwood Highway area the GasBuddy.com website reported.

 

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