Gas price moves up as demand remains healthy

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Mid-Atlantic gas prices began inching upward this week after stalling earlier in the month.

Local gas  prices are reacting to rising crude oil prices and increased seasonal demand.  At $2.28, the national gas price average is three cents higher than a week ago, the same price as a month ago and 11 cents more than a year ago.

Delaware’s average gas price was $2.23 a gallon, up a nicklel from a week ago. Local gas prices  fell as low as  $2.10 a gallon in the Elsmere area. BJ’s Wholesale Club has been offering discounted gas prices to members. 

 The price at teh pump could continue to increase into late August, until the switchover to winter-blend gasoline begins.

CURRENT AND PAST GAS PRICE AVERAGES

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Regular Unleaded Gasoline (*indicates record high)

  7/23/2017 Week Ago Year Ago
National $2.28 $2.25 $2.17
Pennsylvania $2.50 $2.46 $2.31
Philadelphia (5-county) $2.52 $2.47 $2.27
South Jersey $2.30 $2.23 $1.90
Wilkes-Barre $2.48 $2.43 $2.28
Delaware $2.23 $2.18 $2.02
Crude Oil

$45.77 per barrel
(Fri. 7/21/17 close)

$46.54 per barrel
(Fri. 7/14/17 close)

$49.31 per barrel

 

At the close of NYMEX trading Friday, West Texas Intermediate  crude oil decreased 77 cents on the week to settle at $45.77. Oil’s slight gains during the week could be a sign that the oil surplus is slowly being reduced.

This news seems to have given the market some hope for a decline in the glut of crude that has been suppressing prices this summer. Although the supply of crude has decreased slightly, crude oil stockpiles both around the world and in the U.S. are still high, eating into the effectiveness of the oil production cuts established by OPEC last year.

“Motorists have enjoyed unusually low gas prices so far this summer, with prices cheaper than at the beginning of the year, but that is about to change,” said Jana L. Tidwell, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “As demand increases between now and Labor Day, we anticipate prices at the pump will spike at least ten cents per gallon.”

AAA notes prices at the pump will continue to see an uptick until Labor Day, after which they should begin to subside. 

To find fuel prices in your area, check out AAA’s  Fuel Price Finder at (http://www.AAA.com/fuelfinder). 

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