Updated: Refinery maintenance season, crude oil hike send gas prices upward

261
Advertisement

A sharp increase in the price at the pump continued to hit Delaware drivers, Wilmington-based AAA Mid-Atlantic reported. 

Friday’s national gas price average is $2.39,  is up nine cents in the last week, up 14 cents in the last month, and  13 cents less than this time last year. The price at the pump in Delaware was also by 13  cents during the past week.

 
Sunday
Saturday
Friday
Pennsylvania
$2.61
$2.61
$2.61
New Jersey
$2.45
$2.45
$2.44
Delaware
$2.27
$2.27
$2.27
Maryland
$2.35
$2.35
$2.34
Philadelphia (5-county)37
$2.60
$2.59
$2.58
South Jersey
$2.38
$2.37
$2.37
Bloomsburg
$2.63
$2.62
$2.62
Wilkes-Barre
$2.62
$2.62
$2.62
National
$2.39
$2.39
$2.39

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $57.26 per barrel, $1.67 higher than last Friday.

Oil prices stayed above $55 every day this week, thanks in part to  OPEC members sticking with production cuts, aimed at reducing the oversupply of oil globally. U.S. sanctions have hit Iranian and Venezuelan crude exports while unrest has curbed Libyan output.

Keeping those prices in check are U.S. crude oil stockpiles, which rose to the highest level in more than a year, according to the Energy Information Administration (EIA).

Advertisement

“Motorists are experiencing sticker shock at the pump – more expensive gas prices as a result of ongoing refinery issues coupled with higher crude oil prices and tightening global crude supplies,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Prices are likely to be more expensive in the coming weeks unless crude prices are sustained by a build in inventories.”

In the Mid-Atlantic region, tougher winter weather was a driving factor for declining demand with this past week’s storm potentially dropping demand again in next week’s EIA report.

The EIA report showed the latest regional refinery utilization dropped five percent, the lowest of any region in the country. With reduced utilization, the region may see stocks tighten in coming weeks. That may drive up gas prices.

To check out prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area. 

See earlier story on prices. 

Refinery maintenance putting upward pressure on gas prices

 
Advertisement
Advertisement