Prices at the pump seem to be holding steady after crude oil prices dropped, Wilmington-based AAA Mid-Atlantic reported.
The gas price in Delaware has dropped two cents since last Sunday.
Gas prices may be dipping regionally as a result of rising inventories of gasoline and an increase in crude oil supplies.
| 2/11/2017 | Week Ago | Year Ago | |
| National | $2.58 | $2.60 | $2.28 |
| Pennsylvania | $2.87 | $2.88 | $2.53 |
| Philadelphia (5-county) | $2.85 | $2.86 | $2.53 |
| Wilkes-Barre | $2.87 | $2.88 | $2.55 |
| Bloomsburg | $2.88 | $2.92 | $2.56 |
| South Jersey | $2.65 | $2.65 | $2.25 |
| Delaware | $2.51 | $2.53 | $2.18 |
| Crude Oil |
$59.20 per barrel
(Fri. 2/9/18 close) |
$65.45 per barrel
(Fri. 2/2/18 close) |
$56.05 per barrel |
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $59.20 per barrel, down $6.25 or nearly ten percent from the previous week. Oil started the week above $64, but ended the week at the lowest settlement since December 22.
Domestic oil production rose to an all-time high of 10.25 million barrels per day, according to the U.S. Energy Information Administration (EIA), which is above the figure for top exporter Saudi Arabia and within reach of Russia’s output levels. The week also saw an increase in oil inventories, the first increase in U.S. oil inventories this year.
“Drivers may finally start to see what they’ve been waiting for since January – a drop in pump prices,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Albeit slight and potentially short-lived, the recent halt in gas price increases is a welcome break for motorists before refinery maintenance season comes into play, which typically increases prices at the pump.”
Strong demand coupled with steadily rising oil prices means filling up will continue to cost consumers more this month. In fact, the last time the national gas price average was this high, but under $3/gallon in February was in 2010.
To check out prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
