After an uptick earlier in the fall, local gas prices are dropping as the busy Thanksgiving holiday approaches, Wilmington-based AAA Mid-Atlantic reported.
Delaware gas prices fell seven cents a gallon, thanks to an increase in gasoline supplies on the East coast, a drop in gasoline demand and stable crude oil prices. While prices are down slightly compared to last week, AAA advises drivers that fluctuations remain possible through the end of the month.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
11/15/19 |
Week Ago |
Year Ago |
|
| National |
$2.60 |
$2.62 |
$2.65 |
| Pennsylvania |
$2.76 |
$2.78 |
$2.83 |
| Philadelphia (5-county) |
$2.76 |
$2.77 |
$2.84 |
| South Jersey |
$2.52 |
$2.53 |
$2.51 |
| Delaware |
$2.39 |
$2.46 |
$2.29 |
| Crude Oil |
$57.72 |
$57.24 |
$56.46 |
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil closed at $57.72 per barrel, 48 cents higher than last Friday’s close.
Information from the Energy Information Administration (EIA) showed an increase in crude inventories for the third straight week. The optimism surrounding trade talks between the U.S and China have supported increases in crude prices recently but the uptick in gasoline inventories took the strength out of that support.
“After weeks of unseasonal increases at the pump, Delaware Valley motorists are catching a bit of a break as gas prices trend slightly lower this week,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “While we could very well see continued fluctuations at the pump, no major increases are expected. This could be good news for motorists gearing up for the busy Thanksgiving holiday travel weekend less than two weeks away.”
According to the latest EIA Short-Term Energy Outlook (STEO), U.S. regular gasoline retail prices averaged $2.63 per gallon in October, up three cents per gallon from September. Average U.S. regular gasoline retail prices were higher than expected, in large part, because of ongoing issues from refinery outages in California. In the US, EIA expects regular gasoline retail prices to fall to $2.50 per gallon in December and average $2.62 per gallon in 2020.
To check out prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
