Gas prices remained steady in Delaware over the weekend, after moving up three cents a gallon in the previous week, Wilmington-based AAA Mid-Atlantic reported. However, some locations in the First State saw an increase of as much a dime a gallon.
New Jersey drivers saw the highest increase, as the state’s new 4.3-cent gas tax increase took effect Oct. 1.
Typically, motorists are seeing prices drop this time of year as gasoline demand decreases and cheaper-to-produce winter blend gasoline is available. This year is different.
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Sunday
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Saturday
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Friday
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Pennsylvania
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$3.08
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$3.08
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$3.08
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New Jersey
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$2.91
|
$2.91
|
$2.90
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Delaware
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$2.72
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$2.72
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$2.72
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Maryland
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$2.85
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$2.85
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$2.84
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Philadelphia (5-county)
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$3.05
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$3.05
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$3.05
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South Jersey
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$2.84
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$2.84
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$2.83
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Bloomsburg
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$3.11
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$3.11
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$3.11
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Wilkes-Barre
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$3.08
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$3.08
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$3.08
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National
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$2.91
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$2.92
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$2.91
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $74.34 per barrel, up $1.09 from last Friday.
U.S. sanctions against Iran, set to go into effect Nov. 4, and Energy Secretary Rick Perry’s recent dismissal of the idea of additional Strategic Petroleum Reserve sales, helped boost oil prices to near four-year highs on Wednesday.
While markets are still focused on the prospect of tight global supply as U.S. sanctions on Iran kick in, recent reports that Russia and Saudi Arabia have reached an agreement to increase production might help ease supply concerns.
“Gas prices are feeling more like summer than fall,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “This time of year, motorists are accustomed to seeing prices drop steadily, but due to continued global supply and demand concerns, as well as more expensive crude oil prices, motorists are not seeing relief at the pump.”
Prices at the pump are climbing close to their highest level in four years (2014), due in part to the increased price of crude oil.
Market watchers are unsure how long the crude oil price rally will continue as multiple factors manipulate pricing, leading to questions regarding the future price of gasoline. U.S. sanctions against Iran take full effect on November 4, while mid-week news of a verbal commitment by Russia and Saudi Arabia to increase output of crude surfaced – but it is not known whether the amount of oil produced would replace what is lost through the Iranian sanctions.
To check out prices in your neighborhood, check out AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
