The end could be in sight for declining prices at the pump as crude oil prices reach multi-year highs, Wilmington-based AAA Mid-Atlantic reported.
Delaware saw its gas price rise by a penny over the weekend as more people took to the roads for the July 4th holiday. The good news was that the state’s lower gas tax was making its way to motorists.
At times this year, gas prices in Maryland New Jersey have been comparable to those in Delaware, even though the two states have gas taxes that are a dime or more higher than Delaware’s figure.
| Gas prices |
Sunday
|
Saturday
|
Friday
|
|
Pennsylvania
|
$3.00
|
$3.00
|
$3.00
|
|
New Jersey
|
$2.88
|
$2.88
|
$2.87
|
|
Delaware
|
$2.69
|
$2.69
|
$2.68
|
|
Maryland
|
$2.80
|
$2.79
|
$2.78
|
|
Philadelphia (5-county)
|
$3.03
|
$3.03
|
$3.03
|
|
South Jersey
|
$2.78
|
$2.77
|
$2.77
|
|
Bloomsburg
|
$2.98
|
$2.98
|
$2.98
|
|
Wilkes-Barre
|
$3.00
|
$3.00
|
$3.00
|
|
National
|
$2.85
|
$2.85
|
$2.85
|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $74.15 per barrel, up $5.57 from last Friday.
For the first summer driving season in five years, the U.S. has seen the largest one-week reduction (9.9 million barrels) in crude inventories.
Tighter oil supplies combined with the economic situation in Venezuela and pending Iran sanctions have led to volatility in the crude market.
Friday’s closing marked the highest price in three and a half years. With the global glut in crude disappearing fast, there is little capacity to deal with disruptions including geopolitical issues or major hurricanes.
“Prices at the pump have been on the decline since Memorial Day, yet that trend could change just as the Independence Day holiday approaches,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Motorists will pay the highest gas prices since 2014 for the second holiday of summer. However, that will likely not deter the record number of travelers (nearly 40 million going by car) AAA expects this upcoming week.”
The Delaware Valley will see a record number of travelers this Independence Day, helped by holiday falling on a Wednesday, giving travelers more flexibility to schedule a trip the weekend before or after the holiday.
The majority of travelers will hit the road despite paying the highest gas prices since 2014.
In the Philadelphia five-county region, more than 528,000 travelers will drive. Delaware could see more than 110,000 residents driving.
To check out gas prices in your neighborhood, log into AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
