Gas prices remain unchanged in Delaware

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Gas prices in Delaware remain steady as refineries convert to more expensive summer fuel,  AAA Mid-Atlantic reported. 

The national average price for a gallon of regular unleaded gasoline is $2.42. This price is a penny more expensive than one week ago, 13 cents more than one month ago and 29 cents more than one year ago. 

At the close of Friday’s formal trading session on the NYMEX, WTI was down $3.56 on the week to settle at $49.62 per barrel. 

A surprise increase in U.S. gasoline stockpiles pointing to a weaker-than-expected demand sent oil prices down by almost four percent mid-week, marking the steepest drop since March 8. OPEC countries plan to meet on May 25 to discuss how an extension of their agreement could further rebalance global oil supply.  Traders will continue to watch the impact that increased U.S. production has on OPEC’s efforts to keep prices up. 

U.S. producers have boosted production in the Permian Basin in Texas and New Mexico  as more drilling rigs move into that area. 

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CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

  4/23/2017 Week Ago Year Ago
National $2.42 $2.41 $2.13
Pennsylvania $2.67 $2.64 $2.32
Philadelphia (5-county) $2.66 $2.63 $2.31
South Jersey $2.38 $2.37 $1.94
Wilkes-Barre $2.66 $2.65 $2.37
Delaware $2.37 $2.37 $2.08
Crude Oil

$49.62 per barrel
(Fri. 4/21/17 close)

$53.18 per barrel
(Thurs. 4/13/17 close)

$47.16 per barrel

“The sticker shock of the past two weeks seems to be stalling, as gas price increases begin to ease a bit,” said Jana L. Tidwell, manager of Public and Government Affairs for Wilmington-based AAA Mid-Atlantic. “However, as seasonal demand increases, motorists should expect continued volatility at the pump, positioning pump prices to climb higher by the summer.”

Data from the U.S. Energy Information Administration (EIA) this week showed that domestic crude supplies fell by 1 million barrels for the week ending April 14, but gasoline inventories unexpectedly climbed. 

The International Energy Agency (IEA) released its monthly report this week stating that the global oil market could be very close to balancing supply and demand. However, if OPEC and other oil producers cannot come up with an extension,  prices could gyrate.

Delaware prices varied widely, with one station in the Elsmere area posting a price at the pump of $2.20 a gallon, according to the Gas Buddy website.

To check out prices in your neighborhood, log on to  AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area. 

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