Gas prices in Delaware fell by a nickel a gallon in during the past week as the fuel inventory continued to rise.
Prices varied widely, with $2.20 a gallon gas available in the Kirkwood Highway area west of Wilmington, with $2.40 a gallon prices a short drive away in north Wilmington.
According to the Energy Information Agency (EIA), U.S. gasoline inventories rose for the fourth straight week pointing to possible low demand at the pump and an increase in gasoline production.
| 12/10/2017 | Week Ago | Year Ago | |
| National | $2.47 | $2.48 | $2.21 |
| Pennsylvania | $2.73 | $2.75 | $2.42 |
| Philadelphia (5-county) | $2.70 | $2.73 | $2.42 |
| Wilkes-Barre | $2.71 | $2.73 | $2.44 |
| Bloomsburg | $2.75 | $2.78 | $2.44 |
| South Jersey | $2.42 | $2.46 | $2.27 |
| Delaware | $2.34 | $2.39 | $2.24 |
| Crude Oil |
$57.36 per barrel
(Fri. 12/8/17 close) |
$58.36 per barrel
(Fri. 12/1/17 close) |
$55.11 per barrel |
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $57.36 per barrel, $1 lower than the previous week.
According to the EIA, U.S. crude oil inventories fell by 5.6 million barrels, marking the steady drawdown of a global oversupply of crude oil.
However, U.S. oil production has surged so quickly that it appears on course to surpass 10 million barrels a day in 2018, breaking a record set in 1970.
“Cheaper winter gas prices are being seen for the bulk of the country as gasoline demand declines,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA expects to see gas prices trend lower through the end of the year, especially if the trend of low demand and high production continues.”
Markets continue to react to the outcome of the Nov. 30 OPEC meeting where they agreed to keep their production cuts in place through the end of December 2018.
Participants in the agreement will continue to reduce output by 1.8 million barrels per day in order to drain the global glut of oil that has suppressed oil prices.
To find the price of gas in your neighborhood, check out AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
