The average price of gas climbed above $2 a gallon nationally for the first time this year, with Delaware seeing similar trends, Wilmington-based AAA-Mid Atlantic reported
Gas prices have increased largely due to seasonal increases in fuel demand and reduced production as some refineries undergo maintenance, the auto club reported.
The conversion to summer gasoline blends also plays a role in the price hike, and there are signs that gas consumption may be heading toward a record.
The price at the pump in Delaware was about $1.94 a gallon, up about a nickel in the past week, but about 30 cents lower than the same period a year earlier.
Members of BJ’s Wholesale Club may see the lowest prices at the store in Elsmere, which was posting a $1.79 a gallon price on Saturday. Market leader Wawa was keeping prices near the state average.
Also, refineries also begin to transition to summer-blend gasoline, which is more expensive to produce, but mandated because it causes less air pollution at warmer temperatures.
At the close of Thursday’s formal trading session (markets are closed for Good Friday) on the NYMEX, West Texas Intermediate Crude was up two cents from last week’s Friday close to settling at $39.46 per barrel.
Global oil prices are expected to continue to move in response to ongoing discussions by some of the world’s top producers to potentially freeze production.
“Many families are traveling for Easter and take spring break road trips this time of year, which means they may use more gasoline than normal,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Even though prices locally and nationally have gone up in recent weeks, drivers can fill up their Easter baskets using the significant savings they see at the pump. Motorists continue to pay the lowest prices for gasoline for this time of year since 2004.”
Even though gas prices have risen by about 30 cents in the last month nationally, demand for gasoline is high and drivers don’t seem to be halting plans for road travel. Prices have now surpassed the $2 per gallon mark but are expected to stay 30 to 50 cents cheaper than in 2015, according to Tom Kloza, co-founder of OPIS. Kloza says that in the past six weeks, gasoline demand has been up nearly seven percent, and he believes that 2016 may break the record for gasoline consumption.
Local gas prices can be found at (AAA.com/fuelfinder).
AAA Mid-Atlantic is based in Wilmington and serves nearly 140,000 Delaware members and nearly four million members in New Jersey, Maryland, Pennsylvania, Virginia and the District of Columbia.
