Price at the pump continues to rise in Delaware

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The price of gasoline was up in Delaware during the past week.

Prices are up between 15 and 25 cents during the past month as supplies of crude oil and gasoline decreased this week, according to a report from Wilmington-based AAA Mid-Atlantic.

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

 

4/19/19

Week Ago

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Year Ago

National

$2.83

$2.81

$2.74

Pennsylvania

$2.98

$2.95

$2.95

Philadelphia
(5-county)

$2.93

$2.88

$2.96

South Jersey

$2.74

$2.69

$2.73

Delaware

$2.63

$2.58

$2.65

Crude Oil

$64.00
per barrel
(Thurs. 4/18/19 close)

$63.89
per barrel
(Fri. 4/12/19 close)

$62.45
per barrel
(4/20/18)

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $64.00 per barrel, 11 cents higher than last Friday’s settlement price. Markets were closed on Friday.

Oil prices remained above the $63 mark all week, supported by declining U.S. reserves, declining production by major producers, current U.S. sanctions against Venezuela and Iran and escalating military conflicts in Libya.

U.S. crude oil stockpiles fell as imports dropped, revealing the first draw on crude inventories in four weeks, while gasoline inventories also decreased, according to the latest report from the Energy Information Administration. Saudi Arabia, the most influential member of the OPEC cartel, has made it clear that it is determined to keep crude oil supplies low.

“Demand for gasoline and the decrease in crude oil and gasoline supplies nationwide continues to push prices higher at the pump, just in time for the holiday weekend,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Although Delaware Valley drivers are seeing an increase, prices are still within five cents of this same time last year.”

The Energy Information Administration’s (EIA) April 2019 update reveals that the agency expects the retail price of U.S. regular-grade gasoline to average $2.76 per gallon during the summer from April through September 2019. This expected average is down 3 percent from last year’s average of $2.85 a gallon, mainly because EIA expects crude oil prices will be lower than last summer.

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

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