Delaware’s gas price declined slightly on the week, and it is possible that prices have begun to stabilize as refineries increase production to meet demand, Wilmington-based AAA Mid-Atlantic reported.
The gas price reported early this week in Delaware was down about three cents from a week ago, reversing a steady rise during the spring. The price at the pump remains 42 cents a gallon below the figure a year earlier. It is possible the gas price could go up slightly this week since crude oil prices were up during the past week.
Prices were as low as $2.06 a gallon in an area just east of Newark and slightly higher in Dover. Widely available was gas at a price of $2.15 a gallon, down by several cents from a couple of week ago.
Gasoline inventories are up on the East Coast as refineries ramp up production and complete maintenance.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
5/15/16 |
Week Ago 5/6/16 |
Year Ago 5/15/15 |
|
| National |
$2.22 |
$2.21 |
$2.69 |
| Pennsylvania |
$2.40 |
$2.40 |
$2.82 |
| Philadelphia (5-county) |
$2.41 |
$2.42 |
$2.85 |
| South Jersey |
$2.02 |
$2.04 |
$2.47 |
| Wilkes-Barre |
$2.39 |
$2.41 |
$2.79 |
| Delaware |
$2.17 |
$2.20 |
$2.59 |
| Crude Oil |
$46.21 |
$44.66 |
$63.69 |
At the close of Friday’s formal trading session West Texas Intermediate Crude was up $1.55 and settled at $46.21 per barrel.
A freefall in the oil market has not occurred. However, supplies are plentiful and attention will remain focused on output from non-OPEC countries and any other factors that may help bring supply and demand into balance.
“Historically gasoline demand increases leading into the summer driving season, and this year so far is no different,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Lower gas prices are contributing to drivers taking to the roads at record levels for this time of year and the 2016 summer driving season is expected to rival 2007 when gasoline demand hit an all-time high.”
Gasoline demand reached its fourth-highest weekly estimate for 2016 and remains well above year-over-year levels. Although the market is well supplied with product, the notable growth in gasoline demand could cause pump prices to become volatile leading into the summer driving season.
Refineries are ramping up production, which should help increase supplies in regional markets. This is good news for the average driver, because if supply can keep pace with demand, averages should remain relatively low and drivers should continue to benefit from comparative savings at the pump.
Available to motorists is the AAA’s Fuel Price Finder (AAA.com/fuelfinder), which locates the lowest fuel price in your area.
