Gas prices have remained steady in the region over the past week although Delaware did see a slight drop, AAA Mid-Atlantic reported.
Monday gas prices:
- Pennsylvania gas average at $2.74 today, down a penny overnight and down a penny in the last week.
- New Jersey gas average at $2.56 today, unchanged overnight and unchanged in the last week.
- Delaware gas average at $2.35 today, unchanged overnight and down 3 cents in the last week.
- Maryland gas average at $2.46 today, unchanged overnight and down 2 cents in the last week.
- Philadelphia (5-county) area gas average at $2.71 today, down a penny overnight and down a penny in the last week.
- S. Jersey gas average at $2.48 today, unchanged overnight and unchanged in the last week.
- National gas average at $2.30 today, unchanged overnight and down 4 cents in the last week.
AAA reported tightening supplies, refinery maintenance, and some unplanned outages are causing price volatility across the country.
Mid-week reports show gasoline stocks in the Northeast region were up but were down elsewhere. However, crude oil prices have also remained fairly stable.
At the close of NYMEX trading last week, West Texas Intermediate (WTI) crude oil settled at $56.66 per barrel, $2.88 higher than last Friday’s close. Oil prices increased late in the week following the Energy Information Administration’s (EIA) report showing a surprise drop in crude oil supplies as OPEC nations continue trying to curb production.
Analysts are unsure of oil’s next move, citing forecasts of a slowing global economy and continued trade talk tensions between the U.S. and China.
“Motorists can expect fluctuations at the pump through the end of the month due to ongoing refinery maintenance season and tighter gasoline supply,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “While refinery maintenance is a factor in our region, the largest impact continues to stem from the Philadelphia Energy Solutions refinery fire and shut down earlier this year.”
Despite stalled prices and expected volatility during a time of year when gas prices typically fall, Delaware Valley drivers are paying at least 15 cents less than one year ago.
Gasoline and crude oil demand is still robust, a trend that runs counter to what is normally seen in the fall months.
To check out prices in your neighborhood, log on to AAA’s. Fuel Price Finder (http://www.AAA.com/fuelfinder).
