Gas prices drop in final weeks of summer driving season

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Bernhard Benke / Flickr

Gas prices dropped in Delaware last week as inventories rose.

AAA Mid-Atlantic reported that the price at the pump dropped by five cents a gallon from a week earlier, but 29 cents above the figure for a year ago. Gas prices fell

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CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
8/13/2017 Week Ago Year Ago
National $2.35 $2.35 $2.13
Pennsylvania $2.56 $2.57 $2.22
Philadelphia (5-county) $2.58 $2.59 $2.21
South Jersey $2.36 $2.39 $1.85
Wilkes-Barre $2.55 $2.556 $2.21
Delaware $2.25 $2.30 $1.96
Crude Oil
$48.82per barrel
(Fri. 8/11/17close)
$49.58per barrel
(Fri.8/4/17 close)
$49.68 per barrel

At the close of NYMEX trading Friday, Texas Intermediate crude oil decreased 76 cents on the week to settle at $48.82.

U.S. crude oilinventories fellby 6.5 million barrels while gasoline inventories rose 3.4 million barrels in the week ended Aug. 4, according to the Energy Information Administration U.S. crude inventories, which steadily dropped from record highs the past few months, could start rising again with the summer driving season coming to an end.

“Drivers filling up their tanks in the Mid-Atlantic region may be getting mixed signals as summer winds down,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Gas prices could see-saw or hold steady as U.S. crude inventories head down and gasoline inventories likely head up.”

According to the EIA, U.S. regular gasoline retail prices averaged $2.30 per gallon in July, down five cents per gallon from the average in June but six cents per gallon higher than in July 2016. During the April-through-September summer driving season of 2017, U.S. regular gasoline retail prices are forecast to average $2.37 per gallon.

Production remains strong in the U.S. Drilling has increased in the Permian Basin of West Texas and New Mexico, with producers figuring out ways to lower the cost of production in areas with wells that are more expensive to operate.

To find local fuel prices, check out AAA’s Price Finder(http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area. Users of personal computers may need to disable their pop up blockers to obtain information.

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