Gas prices are at their highest levels in more than six months, with Delaware close to the national average.
On Sunday, the average gas price was $2.20 a gallon in the First State, up a couple of pennies from a week ago, but still 40 cents below the figure during the same period a year ago.
In some areas of Delaware gas prices actually fell a couple of pennies from their highs earlier in the week.
As of Monday, only 20 percent of U.S. stations were still selling gas for less than $2 per gallon. Cited as a reason for the higher prices is growth in fuel demand, which is up 5.6 percent from a year ago.
West Texas Intermediate crude oil reached its highest price for 2016 during the last week in April as talk of a weakening U.S. dollar, increased demand and falling output surfaced.
However, the boost in price was short lived and reports of increased production out of OPEC pushed prices lower last week.
At the close of Friday’s formal trading session on the NYMEX, crude oil was down $1.26 and settled at $44.66 per barrel.
“Gasoline demand continues to break seasonal records as low prices motivate people to drive more,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Increased demand and more expensive oil costs have pushed gas prices higher in many parts of the country over the past few weeks, and prices may move even higher leading into the busy summer driving season.”
The lower price environment for gas prices has not only led to drivers taking to the roads at record levels, but is also shifting attitudes about various price points. Attitudes towards gas prices have changed significantly over the past few years, according to a new survey by AAA.
Half of U.S. drivers now believe gas is “too high” at $2.50 per gallon. As recently as 2014, half of Americans believed gas was “too high” at $3.30 per gallon, while last year half of Americans believed it was “too high” at $3 per gallon.
More than 35 percent of Americans believe that gas is “too high” based on today’s average price, even though gas prices are at the lowest levels since 2009. The vast majority of Americans also do not believe that gas is “cheap” today. The changing attitudes do not auger well for those who see a funding crisis down the road for Delaware’s highways and have proposed an increase in the gas tax.
Republican legislators have pushed for moving funding for transportation salaries from the Transportation Trust Fund to the general fund, a move that would force tax increases or spending cuts. A small portion of salaries were shifted to the general fund from the trust fund in the last legislative session.
For local gas price information, motorists can access AAA’s Fuel Price Finder (AAA.com/fuelfinder).
