Gas prices increase in Delaware

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Gas prices continue to remain steady in the region, although the price of the pump was up three cents a gallon during the past week, Wilmington-based AAA Mid-Atlantic reported. 

Prices in Delaware varied widely, with gas selling for $2.26 a gallon on the Capitol Trail near Newark.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

  3/18/2018 Week Ago Year Ago
National $2.54 $2.53 $2.29
Pennsylvania $2.75 $2.76 $2.49
Philadelphia (5-county) $2.72 $2.72 $2.46
Wilkes-Barre $2.79 $2.80 $2.50
Bloomsburg $2.79 $2.80 $2.50
South Jersey $2.47 $2.48 $2.22
Delaware $2.43 $2.40 $2.22
Crude Oil $62.34 per barrel
(Fri.  3/16/18 close)
$62.04 per barrel
(Fri. 3/9/18 close)
$50.43 per barrel

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $62.34 per barrel, up 30 cents from the previous week. 

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Crude oil prices could increase following the International Energy Agency’s (IEA) warning Thursday that oil demand could outstrip supply despite the ramp up in shale output.  

“Consumers continue to enjoy relatively steady prices at the pump,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Strong crude and gasoline output has kept a lid on a price jump recently however, as high demand for gas continues its streak and refineries dial down for maintenance and switch to summer blend gasoline, an increase in prices is likely in the weeks ahead.” 

Energy Information Administration (EIA) data showed total gasoline inventories are down 6.3 million barrels.

One cause leading to the draw was the beginning of a purge in winter gasoline from storage tanks in several regions.

One interesting figure from the EIA report was for gasoline demand, which came in last week at 9.642 million barrels per day.

The demand figure was the highest since the week ending Aug. 25, and nearly 400,000 barrels per day over the same time last year.  

Motorists can check out gas prices at AAA’s  Fuel Price Finder.  (http://www.AAA.com/fuelfinder).

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