Gas prices up only a penny a gallon during week

Gas prices in Delaware rose only a penny last week as signs indicated that the worst might be over after a period of steady increases.

Since January 1^st, the average price for a gallon of regular unleaded gasoline has increased 66 cents in Delaware.

Today’s national gas price average is $2.89,  up a penny in the last week, up 19 cents in the last month, and is eight cents more than last year’s price.

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 $61.94 per barrel, $1.36 lower than last Friday’s close.

Crude prices tumbled Thursday. The drop in crude follows a U.S. government report showing a 9.9 million barrel build in crude inventories. The buildup in supply in addition to an increase in production has helped to offset concerns about the global supply of crude.

“A late week dip in crude oil prices has put the brakes on recent gas price increases throughout the region,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Overall, there was little movement in gas averages this week.  However, drivers should prepare for more increases through the Memorial Day holiday, especially if geopolitical factors dictate higher oil prices.”

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  better shape the summer forecast. AAA’s latest Gas Price survey found that if gas prices remain low, 1 in 3 Americans (33 percent) would likely plan another summer road trip while 27 percent would increase the distance of one.

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