Gas prices dropped a few pennies in Delaware last week, AAA Mid-Atlantic reported.
The price at the pump fell by an average of four cents a gallon to $2.35. Prices varied widely. Stations in Elsmere and the Newark area posted prices of as low as $2.19 a gallon.
Stations in Elsmere and the Newark area posted prices of as low as $2.19 a gallon.
BJ’s Wholesale Club was offering discounted prices to members at its locations in Elsmere and New Castle, touching off competition in those areas.
Monday’s national average of $2.37 per gallon was the highest since June 2016 but has dropped a few cents since that time. Today’s national average of $2.34 is three cents lower per gallon
The average price at the pump is up a half a dollar from the same period in Delaware. At the time, the market was seeing a near collapse in crude oil prices.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 1/15/2017 | Week Ago | Year Ago | |
| National | $2.34 | $2.37 | $1.93 |
| Pennsylvania | $2.64 | $2.65 | $2.11 |
| Philadelphia (5-county) | $2.64 | $2.64 | $2.13 |
| South Jersey | $2.39 | $2.41 | $1.72 |
| Wilkes-Barre | $2.64 | $2.66 | $2.11 |
| Delaware | $2.35 | $2.39 | $1.84 |
| Crude Oil |
$52.37 per barrel |
$53.99 per barrel |
$37.08 per barrel |
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil closed down $1.62 over last week to settle at $52.37 per barrel.
After settling at its lowest level in a month on Tuesday, crude oil prices saw a 2.5 percent jump on Wednesday, the biggest daily gain in more than a month. The commodity was lifted by a weakened U.S. dollar.
“We are seeing a stabilization of gas prices across the Mid-Atlantic region,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Demand for gasoline has eased following the holiday driving period and the cost of crude has remained relatively flat.”
Looking ahead to 2017, the U.S. Energy Information Administration anticipates WTI crude oil will average $52 per barrel in 2017, and as a result gas prices are expected to average $2.31 per gallon in the first quarter of 2017. U.S. regular gasoline is forecast to average $2.38 per gallon in 2017. Much will depend on OPEC members complying with agreed-upon production cuts, AAA reported.
To check out local gas prices, AAA offers a Fuel Price Finder (http://www.AAA.com/fuelfinder) .
