Gas prices rose by nearly a dime in Delaware over the past week as the state and nation felt the effects of the decision by OPEC to limit production.
The New Year brought gas tax increases for drivers in Pennsylvania (up 7.9 cents), where state gas taxes were already the highest in the country.
Delaware has held the line on gas taxes. However, gas prices have risen at a rapid rate. Not all station operators went along with the higher prices.
The Gas Buddy website reported that two operators in the Elsmere area west of Wilmington posted a $2.19 price, nearly 20 cents lower than the going rate.
Neighboring New Jersey, which saw a 23-cent increase in its price at the pump, was only four cents higher than Delaware.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 1/8/2017 | Week Ago | Year Ago | |
| National | $2.37 | $2.34 | $1.99 |
| Pennsylvania | $2.65 | $2.55 | $2.15 |
| Philadelphia (5-county) | $2.64 | $2.54 | $2.18 |
| South Jersey | $2.41 | $2.39 | $1.78 |
| Wilkes-Barre | $2.66 | $2.56 | $2.16 |
| Delaware | $2.39 | $2.30 | $1.89 |
| Crude Oil |
$53.99 per barrel |
$53.72 per barrel |
$41.83 per barrel |
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil closed up 27 cents over last week to settle at $53.99 per barrel. Crude closed above $52 each day last week.
Both crude oil benchmarks closed out the year posting the largest annual gains since 2009, with Brent gaining 52 percent and WTI gaining 45 percent to close the year.
These gains can largely be attributed to the OPEC agreement, a deal brokered by OPEC and non-OPEC countries to cut crude oil production by 1.8 million barrels per day to rebalance the global oil supply.
“Locally, gas prices have continued to climb, with some areas as much as 10 cents higher than last week,” said Jana L. Tidwell, Manager of Public and Government Affairs for AAA Mid-Atlantic. “The price of oil and high demand for gasoline over the New Year’s holiday weekend contributed to the increase.”
Moving into 2017, retail gasoline prices will continue to hinge on the ability of cartel countries to successfully implement oil production cuts, but retail averages are likely to increase leading up to the summer driving season as seasonal refinery maintenance gets underway this spring. Also, traders will continue to monitor whether participating countries adhere to the OPEC agreement and the rate at which U.S. gasoline production increases.
Further information is available at (http://www.AAA.com/fuelfinder).
