Drivers are paying more at the pump as a result of the annual switch-over to summer grade fuel, strong demand for gasoline and a sharp rise in oil prices.
Delaware motorist saw the average price at the pump rise by seven cents over the past week, with another possible increase of five to 10 cents ahead of the summer driving season, Wilmington-based AAA Mid-Atlantic reported.
|4/22/2018||Week Ago||Year Ago|
$68.40 per barrel
(Fri. 4/20/18 close)
$67.39 per barrel
(Fri. 4/13/18 close)
|$51.45 per barrel|
At the close of NYMEX trading Friday, West Texas Intermediate crude oil settled at $68.40 per barrel, up $1.01 from the previous week.
The price of crude oil rose above $68 a barrel on Wednesday for the first time since 2015, fueled by strong demand for petroleum products, a steady drop in global crude stockpiles and escalating conflicts in the Middle East.
“Prices around the Delaware Valley have either surpassed or are within five cents of last year’s high price following Hurricane Harvey,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA believes local prices will continue to climb based on higher crude oil prices, diminishing oil supplies, and the seasonal switchover to the summer gasoline blend.”
Many states will soon top 2017 high prices and the $3 per gallon mark could become a reality for some. AAA forecast that two-thirds of the 88 million families taking vacation this summer plan to drive to their destination. With more expensive gas prices on the horizon, travelers should plan now for the additional costs, AAA reported
The prices in your neighborhood, check out the AAA Fuel Finder. (http://www.AAA.com/fuelfinder)
Gas prices in Delaware were in the $2.60 a gallon area at independent stations in Elsmere and the Capitol Trail area near Newark. Rehoboth, which has seen an influx of Wawa and Royal Farms stores also reported prices running at $2.60.