Gas prices were down a nickel in Delaware over the past week after a spike that followed Hurricane Harvey.
Many Mid-Atlantic drivers are seeing double-digit decreases in the price of gasoline compared to the high prices seen following Hurricane Harvey, which shut down much of the Gulf Coast’s refinery operations.
The price at the pump in Delaware is down about 45 cents since the hurricane hit the Gulf Coast and sent the price at the pump to a two-year high.
| 10/15/2017 | Week Ago | Year Ago | |
| National | $2.47 | $2.50 | $2.25 |
| Pennsylvania | $2.67 | $2.72 | $2.40 |
| Philadelphia (5-county) | $2.64 | $2.69 | $2.37 |
| South Jersey | $2.33 | $2.38 | $1.98 |
| Wilkes-Barre | $2.69 | $2.72 | $2.39 |
| Delaware | $2.25 | $2.30 | $2.15 |
| Crude Oil |
$51.45 per barrel
(Fri. 10/13/17 close) |
$49.29 per barrel
(Fri. 10/6/17 close) |
$53.82 per barrel |
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $51.45 per barrel, $2.16 higher than the previous week’s closing price.
Decreasing fall demand combined with ample supply and slowed U.S. production has kept downward pressure on crude oil prices. While market watchers are keeping an eye on U.S. crude oil exports, attention is now focused on whether the Organization of Petroleum Exporting Countries (OPEC) will extend their reduced production agreement beyond their March 2018 deadline in order to drive crude oil prices higher.
Since late last year, efforts by OPEC to rebalance the market have had positive impacts on prices helping to keep crude oil above the 2016 low of $26.21.
“Gas prices have fallen steadily for the past four weeks, inching ever-closer to pre-Harvey levels, and now we are seeing gasoline demand drop alongside prices,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “The latest demand figures show the lowest since the week Hurricane Harvey hit and can likely be the beginning of a downward demand trend indicating even cheaper gas prices to come this fall.”
The Energy Information Administration (EIA) forecasts the U.S. regular gasoline retail price will average $2.49 per gallon in October and fall to an average of $2.33 per gallon in December.
To check out gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
