An unusual period of falling gas prices after Memorial Day areover for now.
Last week, the Mid-Atlantic region saw an uptick in the price at the pump after stronger demand over the Fourth of July holiday. Prices were up eight cents a gallon in Delaware over the past week, AAA Mid-Atlantic reported.
The GasBuddy.com website reported prices were as low as $2.04 a gallon in the Elsmere area.
Sunday’s national average price for a gallon of regular gasoline is $2.26, which is three cents more than a week ago, nine cents less than a month ago and two cents more than this day a year ago. At $2.23, Tuesday’s gas price average was the lowest price on Independence Day since 2005 and the lowest so far this year, AAA reported.
At $2.23, Tuesday’s gas price average was the lowest price on Independence Day since 2005 and the lowest so far this year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|7/9/2017||Week Ago||Year Ago|
|$50.56 per barrel|
At the close of NYMEX trading Friday, West Texas Intermediate crude oil decreased $1.81 on the week to settle at $44.23.
Oil markets remain oversupplied despite a pledge by the Organization of the Petroleum Exporting Countries (OPEC) to cut production through March 2018.
A monthly Reuters’ production survey found output jumped to a 2017 high last month as OPEC members Nigeria and Libya (both exempt from the output cut agreement) continued to pump more oil.
“On the heels of gas prices dipping to their lowest level of the year, many regions are seeing a slight rebound at the pump,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic, Wilmington. “Increased demand as a result of the July 4th holiday is responsible for the uptick, which could be short lived as demand levels out and refineries continue to produce more gasoline than the market needs.”
Tom Kloza, global head of energy analysis for the Oil Price Information Service (OPIS) believes that June 2017 now looks less dynamic than June 2016, even though gas prices were cheaper at month’s end. Without high demand rates for gasoline, prices may stay on the low end a bit longer.
To check out prices in your neighborhood, log on to AAA’s Fuel Price Finder(http://www.AAA.com/fuelfinder).