Local gas prices continued to trend upward again last week, with no signs of stopping, Wilmington-based AAA Mid-Atlantic reported.
Uncharacteristically high demand for gasoline and oil prices that are almost $10 a barrel above the same time last year have contributed the climbing prices. Delaware prices were up two cents for the week.
| 2/4/2018 | Week Ago | Year Ago | |
| National | $2.60 | $2.58 | $2.27 |
| Pennsylvania | $2.88 | $2.86 | $2.55 |
| Philadelphia (5-county) | $2.86 | $2.83 | $2.54 |
| Wilkes-Barre | $2.88 | $2.84 | $2.57 |
| Bloomsburg | $2.92 | $2.86 | $2.57 |
| South Jersey | $2.68 | $2.62 | $2.25 |
| Delaware | $2.53 | $2.51 | $2.18 |
| Crude Oil |
$65.45 per barrel
(Fri. 2/2/18 close) |
$66.14 per barrel
(Fri. 1/26/18 close) |
$56.37 per barrel |
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $65.45 per barrel, 69 cents lower than the previous week but 16 percent higher than the same time last year.
According to the Energy information Administration (EIA), crude oil inventories rose by 6.8 million barrels, ending a drawdown trend lasting 10 weeks. The inventory build was fostered by high crude production and imports.
“Motorists are used to seeing gas prices drop the first few weeks of the year, so many are wondering if, and when, there will be a break in the upward trend,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Looking ahead there may not be much of a break, if any, at the pump as refineries gear up for seasonal maintenance and the switchover to a more-expensive-to-produce summer blend gasoline in the coming months.”
The national gas price average jumped double digits in the first month of the year, an atypical trend for January. Experts say anything is possible, considering demand for crude and exports are increasing at a time when demand typically drops off during the cold winter months.
To find out the gas price in your neighborhood, log on to the Fuel Price Finder (http://www.AAA.com/fuelfinder).
AAA reports reflect prices from credit card transactions at more than 100,000 gas stations in the U.S.
