Gas prices fell in Delaware over the past week as crude oil posted a drop amid strong demand.
Nationally, prices this week reached the lowest point since Memorial Day when the national average was $2.97 per gallon.
Still, gasoline demand also continues to remain strong as the summer travel season continues.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
7/27/2018
|
Week Ago
7/20/2018
|
Year Ago
7/27/2017
|
|
| National | $2.86 | $2.85 | $2.29 |
| Pennsylvania | $3.03 | $3.04 | $2.51 |
| Philadelphia (5-county) | $3.06 | $3.07 | $2.53 |
| Wilkes-Barre | $3.02 | $3.03 | $2.50 |
| Bloomsburg | $3.04 | $3.06 | $2.51 |
| South Jersey | $2.81 | $2.83 | $2.30 |
| Delaware | $2.76 | $2.82 | $2.24 |
| Crude Oil |
$68.69 per barrel
(Fri. 7/27/2018 close) |
$70.46 per barrel
(Fri. 7/20/2018 close) |
$49.04 per barrel
7/27/2017
|
At the close of trading Friday, West Texas Intermediate (WTI) crude oil settled at $68.69 per barrel, down $1.77 from last Friday.
Although the price of crude closed out last Friday at over $70, it has remained under $70 this week.
Total crude oil inventories fell by 6.2 million barrels for the week ending July 20. The decrease is after an increase of nearly the same amount during the previous week. Strong global gasoline and crude oil demand combined with the tighter domestic crude supply will likely keep gas prices high through the summer and possibly into the fall.
“Prices at the pump across most Mid-Atlantic states fell a few pennies over the last week, which is allowing consumers to enjoy some of the lowest prices at self-serve gas kiosks since the kickoff of the summer driving season on Memorial Day weekend when gas was averaging $2.97 a gallon nationwide,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Consumer demand remains high as the summer continues, but gas price uncertainty still remains as prices over the past month have fluctuated.”
Barring any major events, such as geopolitical or natural disasters, gas prices have the potential to stabilize if crude oil demand and supply stay consistent.
To check out gas prices in your neighborhood, log on to (http://www.AAA.com/fuelfinder).
