Drivers are paying more for gas as supplies tighten and crude oil prices rise, Wilmington-basedAAA Mid-Atlantic reported. The spike is unusual, thanks, in part, to a mild fall that led to more driving.
Delaware gas prices rose seven cents over the past week, with bigger spikes in some areas. Prices were as low as $2.37 a gallon in the Newark, with $2.50 a gallon prices commonplace.
|11/12/2017||Week Ago||Year Ago|
|$48.91 per barrel|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $56.74 per barrel, $1.10 higher than the previous week.
Earlier this week, crude oil jumped to $57 per barrel, its highest level in two years. Political tension in the Middle East has been a factor driving oil prices higher. Tensions rising between Saudi Arabia and Iran, especially over Yemen, leading to talk of a war that would disrupt supplies.
“October saw strong demand numbers for gasoline likely, in part, due to consumers taking advantage of the unseasonably warm weather,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “As consumers fill up their tanks more frequently, we are seeing supply levels tighten and gas prices increase. However, we don’t expect this increase to be long-term as colder weather arrives and gasoline demand decreases.”
U.S. regular gasoline retail prices averaged $2.51 per gallon in October, a decrease of 14 cents from the average in September, which reflected the effects of market disruptions following hurricanes Harvey and Irma.
The Energy Information Administration (EIA) forecasts the U.S. regular gasoline retail price will average $2.47 per gallon in November and $2.39 per gallon in December. EIA forecasts that U.S. regular gasoline retail prices will average $2.40 a gallon in 2017 and $2.45 a gallon in 2018.
To check out prices in your neighborhood, log on to (http://www.AAA.com/fuelfinder)