Gas price hits $2.50 mark in Delaware

Gasoline prices in Delaware hit the $2.50 mark, with higher figures in other areas of the state. 

But Wilmington-based AAA Mid-Atlantic does not expect the price at the pump to match last spring’s high.

Delaware gas prices fell to as low as $2.40 at  Newark-area  station, with prices in the $2.48 range common.

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 $60.14 per barrel, $1.10 higher than one week ago.

Despite an  the increase in crude supplies, oil prices have rallied about 25 percent since January 1. As OPEC continues to implement its agreement with other global crude producers to cut production through June, crude prices could be pushed higher, possibly up to $65,  a figure that can propel gas prices higher. 

OPEC has announced that it will not meet in April to discuss the pact; instead, it will meet on June 25 and 26 and may announce a decision to end or extend its agreement.

“Delaware Valley drivers will agree that March gas prices came in like a lion and they can be sure prices will not go out like a lamb,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “State gas price averages are very similar to a year ago give or take a few pennies, but spring pump prices for the majority of motorists are not expected to elevate to the nearly $3 per gallon level of last May.”

AAA expects summer 2019 gas prices to be on par with prices during summer 2018, with May seeing the highest prices of the year.

Heading into summer, a variety of factors, including U.S. supply-demand levels, U.S. production and crude prices will help better shape the summer forecast.

To find out prices in your neighborhood, check out AAA’s Fuel Price Finder at http://www.AAA.com/fuelfinder.