Prices in the Mid-Atlantic region continued their decline, Wilmington-based AAA Mid-Atlantic reported.
The price at the pump fell 11 cents in Delaware during the past week to $2.46, with prices dropping to $2.36 a gallon in much of the state. The Rehoboth-Lewes area, often the site of the highest prices, also posted prices in the $2.36 area.
In the wake of Hurricane Harvey and Hurricane Irma, refineries were shut down and gasoline supplies were drained, with drivers getting a one-two punch at the pump.
Gulf Coast refineries are slowly coming back online and operating at reduced rates, a situation that will continue for a couple of additional weeks.
Typically, the drop in demand at the end of the summer driving season brings a drop in fuel prices in September. The switch over to a winter-blend of gasoline this month also put downward pressure on prices.
| 9/24/2017 | Week Ago | Year Ago | |
| National | $2.58 | $2.63 | $2.21 |
| Pennsylvania | $2.81 | $2.87 | $2.35 |
| Philadelphia (5-county) | $2.83 | $2.91 | $2.34 |
| South Jersey | $2.54 | $2.65 | $1.95 |
| Wilkes-Barre | $2.80 | $2.85 | $2.34 |
| Delaware | $2.46 | $2.57 | $2.19 |
| Crude Oil |
$50.66 per barrel
(Fri. 9/22/17 close) |
$49.89 per barrel
(Fri. 9/15/17 close) |
$49.09 per barrel |
At the close of trading Friday, West Texas Intermediate crude oil settled at $50.66 per barrel, 77 cents higher than the previous week’s closing price.
Oil prices have not spiked like gasoline prices have, following Hurricanes Harvey and Irma. Shale oil production in the United States is reaching record highs, putting a damper on the Organization of Petroleum Exporting Countries’ (OPEC) attempts to reduce the glut of oil in world markets.
“Mid-Atlantic drivers will be paying less to fill up in the coming days and weeks as the situation with refineries, pipelines and gasoline deliveries improves,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Consumers may not be impressed with the speed at which prices are dropping but they should feel confident that they will see lower prices moving into the fall.”
Members from the Organization of the Petroleum Exporting Countries (OPEC) and its allies will meet in Vienna on September 28 to reportedly consider further extending output cuts in an attempt to reduce a glut in oil supplies. Some analysts don’t expect a final decision until OPEC’s next official gathering in November.
Information on local gas prices is available at AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
