Price at the pump drops 6 cents in Delaware

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The price at the pump dropped six cents in Delaware during the past week, Wilmington-based AAA Mid-Atlantic reported.

AAA believes drivers may have already seen the highest prices of the year and could see a summer average (Memorial Day to Labor Day) below last year’s peak of $2.87 a gallon.

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

6/7/19

Week Ago

Year Ago

National

$2.77

$2.82

$2.93

Pennsylvania

$2.91

$2.97

$3.08

Philadelphia
(5-county)

$2.96

$3.00

$3.11

South Jersey

$2.71

$2.79

$2.87

Delaware

$2.56

$2.62

$2.80

Crude Oil

$53.99
per barrel
(Fri. 6/7/19 close)

$53.50
per barrel
(Fri. 5/31/19 close)

$65.74
per barrel
(6/8/18)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $53.99 per barrel, 49 cents higher than last Friday’s close.

Wednesday’s closing price of $51.68 was the lowest posting since mid-January. The latest Energy Information Administration (EIA) report not only showed an increase in crude supplies but also an increase in gasoline inventories, helping push pump prices lower.

In addition, U.S. crude production is at record levels. This year, the most expensive West Texas Intermediate crude oil prices, which AAA tracks to understand the impact on pump prices, have ranged between $65 and $66 per barrel. Most recently, WTI crude fell below $52 per barrel, which is cheaper than last summer, a period when most daily prices hovered just under $70 per barrel.

“For consumers today, paying more to fill up their gas tank may feel less shocking due to the national average pushing within pennies of $3 a gallon the last two spring seasons,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “However, there is good news for consumers this summer – the highest prices of the year could be in the rearview mirror. With most refineries operating at normal levels, demand at robust rates, and cheaper crude oil prices, summer gas prices are poised to be a little less than last year – dropping as much as a dime to lower the national average to $2.70.”

While crude prices have been cheaper this year, AAA is monitoring a number of circumstances that could cause crude oil market prices to increase. This includes reductions in global and domestic crude supply, exports, and U.S. gasoline demand. The price of crude is a driving factor when it comes to retail gasoline prices, accounting for nearly 60 percent of the price motorists see at the pump.

To check out crude prices in your neighborhood, log on to theFuel Price Finder(http://www.AAA.com/fuelfinder).

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