Delaware gas price continues to climb

Gas prices continue to increase as spring approaches, Wilmington based AAA Mid-Atlantic reported. 

Delaware’s gas price rose a dime during the week and is now two cents higher than the same period a year ago. The increase was the steepest in the region. 

CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $58.52 per barrel, $2.45 higher than last Friday.

Oil spent the first two days of this week in the $56 range, rising to over $58 for the rest of the week.

The Energy Information Administration (EIA) reported that U.S. crude oil supplies unexpectedly dipped last week as did domestic crude production.

A tightening crude supply could cause prices to increase. Even higher prices  were kept at bay when OPEC reported decreased production, well below the group’s production cut agreement. News of the delay of a meeting between the U.S. and China also kept prices in check.

“Gas prices are on the upswing, as the national average has increased more than a quarter since the beginning of the year, lifting prices to levels not seen since late November,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “A springtime jump in prices is typical with increased demand and the changeover to the more expensive summer blend gasoline in the coming weeks.”

Refiners continue to make summer blend gasoline ahead of the May 1 compliance date. Summer blend gasoline has a lower volatility than winter blend gasoline to limit evaporative emissions that normally increase with warm weather and cause unhealthy ground-level ozone.

It costs more to produce the summer specific gasoline blend and refining costs can run five to 15 cents per gallon more for the summer grade blend.

Check out the gas price in your neighborhood with AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).