Gas prices rose by eight cents a gallon in Delaware Delaware during the past week.
Optimism over the possible peak of the coronavirus’ spread caused a spike in oil and gas prices earlier in the week, reaching some gas pumps in the tri-state area on Friday. Delaware’s gas prices have been volatile when compared to figures for nearby states.
However, until the international public health threat declines and China recovers from the virus’ impacts, crude prices are likely to remain lower.
- Pennsylvaniagas average at $2.64 today, unchanged overnight and up a penny in the last week.
- New Jersey gas average at$2.48 today, unchanged overnight and down a penny in the last week.
- Delawaregas average at $2.25 today, unchanged overnight and up 8 cents in the last week.
- Maryland gas average at $2.36 today, unchanged overnight and up 4 cents in the last week.
- Philadelphia (5-county) areagas average at $2.59 today, unchanged overnight and down a penny in the last week.
- S. Jerseygas average at $2.37 today, up a penny overnight and down a penny in the last week.
- National gas average at $2.43 today, down a penny overnight and unchanged in the last week.
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $52.05 per barrel, $1.73 higher than last Friday’s close.
The continued anxiety over the spread of the coronavirus is causing some bounces in crude oil prices.
Settlement prices have dropped below the $50 mark three times in the last 10 days but rebounded over $51 three days this week.
Late this week, the International Energy Agency (IEA) said that quarterly worldwide oil demand will shrink for the first time in more than a decade, adding to concern over the global energy outlook.
“While many Delaware Valley drivers saw a decrease at the pump for another week, prices may increase following market optimism earlier this week that the coronavirus had peaked,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “However, motorists may see fluctuation in gas prices as that optimism has since faded regarding the virus’ status.”
Tuesday’s massive fire at the ExxonMobil refinery in Baton Rouge, LA, is unlikelyto affect U.S. gasoline prices. Preliminary reports from Exxon say there is no impact to the gas terminal which would mean no impact on gas prices.
Many refineries undergo seasonal maintenance ahead of the busy summer driving season and the Exxon refinery had not been expected to run at 100 percent.
To check on prices in your neighborhood, log on to AAA’sFuel Price Finder(http://www.AAA.com/