Gas prices dropped for another week, as crude oil prices failed to return to the mid-$60 range reached just two weeks ago, and oil and gas supplies remained ample. But don’t expect the relief to last much longer, according to AAA Mid-Atlantic.
Pennsylvania, New Jersey, and Delaware have all dropped four cents during the week, the Wilmington-based organization reported. Gas prices ranged from $2.30 a gallon in the Newark and Elsmere areas to figures approaching the state average in other areas.
Areas with independent stations , not tied to big oil, Wawa or Royal Farms, tend to have lower prices at the pump and force the majors to ease off.
| 2/18/2017 | Week Ago | Year Ago | |
| National | $2.53 | $2.58 | $2.28 |
| Pennsylvania | $2.83 | $2.87 | $2.54 |
| Philadelphia (5-county) | $2.82 | $2.85 | $2.52 |
| Wilkes-Barre | $2.84 | $2.87 | $2.55 |
| Bloomsburg | $2.85 | $2.88 | $2.56 |
| South Jersey | $2.59 | $2.65 | $2.26 |
| Delaware | $2.47 | $2.51 | $2.22 |
| Crude Oil |
$61.68 per barrel
(Fri. 2/16/18 close) |
$59.20 per barrel
(Fri. 2/9/18 close) |
$54.79 per barrel |
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $61.68 per barrel, up $2.48 from the previous week.
Crude prices have been lower in the past two weeks as investors worry that higher U.S. crude output, which hit a record 10.27 million barrels per day, will undermine attempts to curb global oil supplies. The International Energy Agency (IEA) said Tuesday that crude production from countries outside the Organization of the Petroleum Exporting Countries (OPEC) would likely exceed global demand for oil this year.
“Although gas prices have dipped in the last few days, AAA believes they will take a significant turn in the next few weeks and spike in the second quarter of the year,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Refinery maintenance season is fast approaching. As reduced refinery output and the switch to more-expensive summer-blend gasoline takes place, motorists can expect to pay as much as 25 to 35 cents more per gallon this spring.”
Drivers may see prices at the pump start to climb in the next few weeks as refinery maintenance season begins. If refineries supplying the Northeast perform their maintenance at the same time, limiting supply, prices at the pump could increase as much as 25 to 35 cents per gallon this spring.
The combination of these factors could lead to the most expensive gas prices since 2014 in the second quarter. However, AAA does not expect that these potential peak prices highs will find their way into the summer months.
Local gas prices can be found at AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
