Update: Delaware gas prices jump eight cents in past week

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Gas price summer 2018
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Delaware saw a hefty eight-cent increase in the price of a gallon of gas last week, with the price of the pump approaching the national figure, Wilmington-based AAA Mid-Atlantic reported. 

First State drivers are now paying 67 cents more per gallon than during the same period a year ago.

The latest figures again call into question of why Delaware drivers do not always see  the benefits from the state’s gas tax, which is more than a dime below the figure in neighboring states.

Maryland, which charges a  gas tax that is 11 cents higher  than Delaware’s levy posted a price at the pump that was identical to the First State figure. AAA does not comment on gas price variations among states.

The same was true for New Jersey, which also has a higher gas tax. Neighboring Pennsylvania, which battles with crumbling infrastructure despite massive revenues from turnpikes,  has the nation’s highest gas tax.

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Sunday
Saturday
Friday
Pennsylvania
$3.05
$3.05
$3.05
New Jersey
$2.92
$2.92
$2.92
Delaware
$2.85
$2.85
$2.83
Maryland
$2.85
$2.85
$2.85
Philadelphia (5-county)
$3.08
$3.08
$3.08
South Jersey
$2.86
$2.86
$2.86
Bloomsburg
$3.06
$3.06
$3.06
Wilkes-Barre
$3.04
$3.04
$3.05
National
$2.88
$2.88
$2.89
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $71.01 per barrel, down $2.79 from last Friday last Friday.
 

The decline in oil prices follows a huge drop in crude oil stocks putting a continued spotlight on tightening U.S. supplies, which are likely to continue dropping as domestic demand for gasoline holds strong while crude and gasoline exports from the U.S. remain robust, according to a report from Wilmington-based AAA Mid-Atlantic.

If these trends continue, oil prices may continue riding high and contribute to increased pump prices throughout the summer and possibly into the fall.

“Demand for gasoline this summer remains very strong, driving gas prices higher alongside rising crude prices, which is unwelcome news for motorists,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Fortunately, domestic gasoline production remains strong, which should help prevent major swings in summer gas prices. However, pump prices will jump if a major hurricane threatens refineries along the Gulf Coast.”

The Energy Information Administration (EIA) reports U.S. regular gasoline retail prices averaged $2.89 a gallon in June, down one cent from the average in May.

EIA anticipates that 2018 monthly average gasoline prices peaked in May and forecasts prices to decline gradually in the coming months to an average of $2.83 a gallon national average  in September.

In addition, EIA expects regular gasoline retail prices to average $2.76 a gallon in 2018 and $2.77 a gallon in 2019.

To check out prices in your neighborhood, log on  Fuel Price Finder (http://www.AAA.com/fuelfinder).

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