Delaware drivers saw an eight-cent average jump in the price of gasoline over the past week, based on figures from Wilmington-based AAA Mid-Atlantic.
Despite the year-over-year increase, prices remain 80 cents lower than 2014 when the average price was $3.66. That is still more than 50 cents higher than the same period a year earlier.
|7/8/2018||Week Ago||Year Ago|
(Fri. 7/6/18 close)
(Fri. 6/29/18 close)
|$46.60 per barrel|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $73.80 per barrel, down 35 cents from last Friday.
The Energy Information Administration (EIA) reports that crude oil supplies increased last week while gasoline supplies decreased. Analysts continue to watch the price of crude oil as it continues to remain above the $70 mark for another week.
Geopolitical issues are cited for fueling the increase in crude oil prices, including the U.S.’s decision to exit from the Iran nuclear accord and the administration’s demands that countries reject purchases of Iranian oil. This week, Iran threatened to block oil shipments if the U.S. continued to seek renewed sanctions, further pushing up prices.
“Drivers should prepare themselves for the possibility of higher prices at the pump in the coming weeks,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA expects to see the national average for a gallon of gasoline head toward $3 as factors, including a shrinking global crude oil supply, continuing summer driving demand for gasoline and sanctions being placed on Iran create an unpredictable market.”
If U.S. demand remains strong, domestic and global supply decline and crude inventories continues to sell over $70 per barrel, motorists may see the national gas prices average to potentially jump back up to nearly $3 a gallon in coming months, the auto club reported.
To find out the gas price in your neighborhood, log on to AAA’sFuel Price Finder(http://www.AAA.com/fuelfinder).