Crude oil prices rose during the week, although the price at the gas pump remained steady.
Delaware saw only a penny increase in the price of regular unleaded, with spikes taking place earlier, Wilmington-based AAA Mid-Atlantic reported.
The price hike was delayed this summer as gasoline hit a new national low of $2.23 a gallon in June amid cheap oil prices and high rates of production at refineries.
Gas prices ranged from around $2.30 in north Wilmington to as low as $2.16 in the Elsmere area, accordingto AAA.
Influencing gas prices wasBJ’s Wholesale Club, which was selling as for as low as $2.14 a gallon for members. AAA does not list BJ’s prices, which are included on the GasBuddy site.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|7/30/2017||Week Ago||Year Ago|
$45.77 per barrel
|$47.26 per barrel|
At the close of NYMEX trading Friday, West Texas Intermediate crude oil increased $3.94 on the week to settle at $49.71.
For the year to date, oil prices have dropped by around 11 percent. Oil prices rallied throughout the week, increasing each day and scoring their biggest single-session gain of 2017 on Tuesday as a result of data showing a fourth-consecutive week of declines in U.S. crude inventories.
Year to date, oil prices have dropped by around 11 percent. Oil prices rallied throughout the week, increasing each day and scoring their biggest single-session gain of 2017 on Tuesday, after data showed a long period of declines in U.S. crude inventories.
“Prices at the pump continue to climb, albeit slowly, as we head into August,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Motorists have enjoyed relatively cheap prices at the pump throughout the summer driving season, so we do not expect price increases to affect demand heading into August, the final month of summer vacations and road trip travel.”
August is a big vacation road trip month which will eat into gasoline and oil inventories.
Strong demand coupled with crude oil and gasoline inventory draws are pushing crude oil and wholesale gasoline prices higher.
However, by mid-September, refineries switch to less-expensive, winter-blend gasoline, which typically helps ease prices at the pump.
For prices in your neighborhood, check out the AAA’sFuel Price Finder(http://www.AAA.com/fuelfinder). The service does not work if pop-up blockers are in place on your computer’s browser.