Drivers throughout the Delaware Valley seem to be catching a break at the pump as prices decreased last week, while the national average increased by three cents, Wilmington-based AAA Mid-Atlantic reported.
The amount paid at the pump in Delaware fell over the past week and a penny over the weekend despite higher crude oil prices. Prices have fallen below $2.60 a gallon in the Newark and Lewes-Rehoboth areas. The two areas have stiffer competition among convenience store/gas stations.
Aiding motorists here was the latest Energy Information Administration (EIA) weekly petroleum status report showed a 1.9 million barrel build in crude oil inventories while gasoline inventories grew as well.
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Gas prices, Sun. left: Sat., Friday
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Pennsylvania
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$3.05
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$3.05
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$3.05
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New Jersey
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$2.85
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$2.85
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$2.85
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Delaware
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$2.68
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$2.69
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$2.69
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Maryland
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$2.80
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$2.80
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$2.79
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Philadelphia (5-county)
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$3.04
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$3.04
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$3.04
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South Jersey
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$2.75
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$2.75
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$2.75
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Bloomsburg
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$3.08
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$3.08
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$3.08
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Wilkes-Barre
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$3.05
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$3.05
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$3.04
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National
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$2.88
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$2.88
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$2.88
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At the close of NYMEX trading on Friday, West Texas Intermediate (WTI) crude oil settled at $73.25 per barrel, up $2.47 from last Friday.
Oil prices have remained above $70 all week, maintaining four-year highs, after a U.S. official said the sale of domestic oil reserves wouldn’t be used to undercut a rally in crude, underpinned by anticipation of supply disruptions caused by the renewal of sanctions on Iran.
According to a Reuters report, Saudi Arabia, one of the world’s largest producers of oil and a key member of the Organization of the Petroleum Exporting Countries, is leading a push to add additional oil to global markets in the next few months to offset U.S. sanctions set to take hold in Iran in early November.
“Crude oil prices pushed past $70 every day this week,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Even though local pump prices have remained stable and have even dropped week over week, that trend could reverse if oil prices remain at this high level for a sustained amount of time.”
Although the switchover to winter-blend gasoline has already taken place at most, if not all, retail gas stations across the country, U.S. gasoline prices are bucking the trend and sitting at some of their highest prices for this season since 2014, due to the oil price rally over the past weeks.
Due to a tighter global oil supply, the dip in gas prices typically seen at this time of year could be put on hold.
To check out gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
