Gas prices continue to decline in Delaware after the Memorial Day spike.
Although crude oil supplies are lower this week, according to the Energy Information Administration (EIA), gasoline supplies are up nationally and on the East Coast.
It is uncertain where crude oil prices may go, following this week’s decision by the members of OPEC to increase crude oil production, Wilmington-based AAA Mid-Atlantic reported.
Gas prices in Delaware fell by another four cents a gallon and are now 13 cents below the national average.
Beachgoers are getting a break with gas prices falling to as low as $2.60 a gallon in the Rehoboth area, or about a nickel lower than in the Newark area.
On Monday, AAA reported:
- Pennsylvania gas average at $3.01 today, unchanged overnight and down 3 cents in the last week.
- New Jersey gas average at $2.89 today, unchanged overnight and down 3 cents in the last week.
- Delaware gas average at $2.71 today, down a penny overnight and down 4 cents in the last week.
- Maryland gas average at $2.81 today, unchanged overnight and down 4 cents in the last week.
Weekend gas prices:
|
|
Sunday
|
Saturday
|
Friday
|
|
Pennsylvania
|
$3.01
|
$3.01
|
$3.02
|
|
New Jersey
|
$2.89
|
$2.89
|
$2.90
|
|
Delaware
|
$2.72
|
$2.72
|
$2.72
|
|
Maryland
|
$2.81
|
$2.81
|
$2.81
|
|
Philadelphia (5-county)
|
$3.05
|
$3.05
|
$3.06
|
|
South Jersey
|
$2.78
|
$2.79
|
$2.80
|
|
Bloomsburg
|
$3.00
|
$3.01
|
$3.01
|
|
Wilkes-Barre
|
$3.01
|
$3.01
|
$3.02
|
|
National
|
$2.85
|
$2.86
|
$2.86
|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $68.58 per barrel, up $2.84 from last Friday.
The price of crude had been stable for most of the week until news from the OPEC meeting emerged, sending crude prices up more than $3.00 in one day.
Members of OPEC met Friday to discuss increasing the amount of crude produced by its members and ultimately decided to increase production by one million barrels per day.
The actual increase will likely be around 600,000 to 700,000 barrels per day, as some members are unable to boost production. This increase may be short of implied world demand, potentially causing crude prices to increase in the short-term.
For example, Venezuela, faced with a collapsing economy and a dictatorship, is struggling to produce and export oil. Iran also faces restrictions.
“Drivers are enjoying another week of lower prices at the pump due to crude oil prices staying static most of the week,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Analysts have been awaiting the outcome of the OPEC meeting and will pay very close attention to see the effect it has on crude prices in the coming weeks. As of Friday, the oil market was rallying, but it may be too early to know if this is the definite direction for the price of crude oil.”
A record-breaking 46.9 million Americans will travel 50 miles or more away from home this Independence Day holiday, an increase of more than five percent compared with last year and the highest number since AAA started tracking 18 years ago. For the 39.7 million Americans planning a Fourth of July road trip, higher gas prices are not standing in the way.
To check out gas prices in your neighbor, log on to (http://www.AAA.com/fuelfinder)
