Gas price rises seven cents in Delaware

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Delaware saw a seven-cent jump in the price of gas as the switch to more expensive summer blends gets under way.

The national average price at the pump is $2.32 per gallon, the same price as one month ago, but three cents higher than one week ago and 26 cents per gallon more than the same date in 2016. 

BJ’s Wholesale Club continued to post the lowest price, with the New Castle and Elsmere stores posting a $2.10 a gallon price at the pump. A few independent stations matched that price in the area.

Gas prices in South Jersey were slightly lower than the average in Delaware, even the state’s gas tax is 37 cemts a gallon, well above the 23 cents in First State.

CURRENT AND PAST GAS PRICE AVERAGES

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  4/2/2017 Week Ago Year Ago
National $2.32 $2.29 $2.06
Pennsylvania $2.51 $2.48 $2.19
Philadelphia (5-county) $2.49 $2.46 $2.18
South Jersey $2.25 $2.23 $1.81
Wilkes-Barre $2.50 $2.48 $2.20
Delaware $2.27 $2.20 $1.96
Crude Oil

$50.60 per barrel
(Fri. 3/31/17 close)

$47.97 per barrel
(Fri. 3/24/17 close)

$42.79 per barrel

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate crude oil was up $2.63 from last week to settle at $50.60 per barrel.

The combination of OPEC efforts to rebalance the market and increased U.S. production continues to put pressure on crude oil futures, which kept prices below $50 a barrel until Thursday.

The   Energy Information Administration (EIA), crude oil inventories increased by 900,000   barrels to 534  million barrels, leaving inventories 30.2 million barrels above last year and at the upper limit of the average range for this time of year.

“Regional gas prices are finally starting to increase slightly as the switch-over to summer blended gas occurs,” said Jana L. Tidwell, manager of  public and  government affairs for AAA Mid-Atlantic. “However, a recently reported AAA survey found that gas prices could increase as much as 40 cents a gallon this summer, but hopefully will stay under the $3 a gallon mark.”  

Last Sunday, a joint committee of ministers representing OPEC and non-OPEC countries asked the OPEC Secretariat to examine the market and consider a possible production cut extension beyond the original six- month agreement.

Last year, OPEC and non-OPEC countries agreed to cut their output by 1.8 million barrels a day for six months starting in January 2017. The Secretariat is expected to provide a recommendation in April, well before the current agreement is set to expire in June.

To find gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder)

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