Delaware gas prices dropped by a penny over the weekend as crude oil fell below $70 a barrel on news that U.S. crude production had reached 11 million barrels per day for the first time, Wilmington-based AAA Mid-Atlantic reported.
The national gas price average is $2.85, which is down four cents in the last week, down three cents in the last month, but 57 cents higher than this time last year, Wilmington-based AAA Mid-Atlantic reported.
Gas prices, Friday, Saturday, Sunday (left to right)
|
Pennsylvania
|
$3.03
|
$3.03
|
$3.04
|
|
New Jersey
|
$2.90
|
$2.90
|
$2.90
|
|
Delaware
|
$2.81
|
$2.81
|
$2.82
|
|
Maryland
|
$2.83
|
$2.83
|
$2.83
|
|
Philadelphia (5-county)
|
$3.06
|
$3.07
|
$3.07
|
|
South Jersey
|
$2.83
|
$2.83
|
$2.83
|
|
Bloomsburg
|
$3.05
|
$3.05
|
$3.06
|
|
Wilkes-Barre
|
$3.02
|
$3.02
|
$3.03
|
|
National
|
$2.84
|
$2.85
|
$2.85
|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $70.46 per barrel, down 55 cents from last Friday.
Oil prices bounced around during the week, based on the resurgence of U.S. production, as well as increasing production by Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia.
Crude prices fell after official data showed an unexpected rise in U.S. crude stockpiles as U.S. output hit a record high and major oil exporters increased production.
“Typically during July, gas prices have a tendency to trend cheaper, however, gas prices around the Delaware Valley are following a nationwide trend of instability, increasing one week, decreasing the next,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Uncertainty at the pump will continue, as crude oil prices, supply, demand and a number of geopolitical factors play a game of cat and mouse.”
Gas prices have been on somewhat of a roller coaster ride, peaking over the Memorial Day weekend, and inching up and down ever since.
Crude oil has been a big factor in volatility at the pump, as prices fluctuate due to global supply, demand, and production.
The national average for a gallon of unleaded gasoline is predicted to fall somewhere between $2.90 and $3.10 during the season, barring any unforeseen circumstances.
AAA expects the 2018 summer driving season to cost drivers $225 to $250 more than last summer.
To check out prices in the neighborhood, log on to the AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
