Tighter gas supplies hit drivers in the wallet

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Tighter gas supplies are hitting Delaware drivers in the wallet.

Wilmington-based AAA Mid-Atlantic also cited rising transportation costs that led to an unanticipated eight-cent a gallon increase over the past week. The price at the pump was as low as $2.28  a gallon the Elsmere area in northern Delaware.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

  10/29/2017 Week Ago Year Ago
National $2.47 $2.46 $2.22
Pennsylvania $2.68 $2.65 $2.40
Philadelphia (5-county) $2.64 $2.61 $2.36
South Jersey $2.40 $2.32 $1.99
Wilkes-Barre $2.67 $2.67 $2.44
Delaware $2.37 $2.29 $2.09
Crude Oil $53.90 per barrel
(Fri. 10/27/17 close)
$51.84 per barrel
(Fri. 10/20/17 close)
$52.81 per barrel

 

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At the close of trading Friday, West Texas Intermediate (WTI) crude oil settled at $53.90 per barrel, $2.06 higher than the previous week’s closing price. Stations have sometimes reacted to the crude oil price gains by hiking pump prices.

 The U.S. Energy Information Administration (EIA) reported that domestic crude supplies rose by 900,000 barrels for the week ended Oct. 20, halting a four-week string of declines.

The Organization of Petroleum Exporting Countries (OPEC)  said that it sees global oil supplies rebalancing in the third quarter of next year, while some others doubt that prediction in light of increased U.S. crude production. 

 The production cuts put in place by OPEC last year have helped drain crude inventories in the U.S. and

“After weeks of declining prices at the pump, many local drivers are seeing prices stabilize and, in some areas, trend slightly upward,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic.  “Inventories in the Mid-Atlantic region have dropped and if supplies continue to tighten, gas prices have the potential to climb.”

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

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