Delaware gas price rises above $2

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It was nice while it lasted.

For the first time since the end of March, all three states in the Delaware Valley are above the $2 mark with Delaware joining the club, according to the weekly reported from Wilmington-based AAA Mid-Atlantic.

Philadelphia, South Jersey, and Delaware gas prices have increased by at least 15 cents a gallon in the last month but are at least 40 cents less than one year ago.

The South Jersey gas price was actually a penny below Delaware’s figure, despite a gas tax that is 18 cents higher than Delaware’s figure.

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

6/19/20

Week Ago

Year Ago

National

$2.11

$2.09

$2.67

Pennsylvania

$2.34

$2.31

$2.83

Philadelphia
(5-county)

$2.30

$2.29

$2.89

South Jersey

$2.06

$2.03

$2.63

Delaware

$2.07

$1.98

$2.49

Crude Oil

$39.75
per barrel
(Fri. 6/19/20 close)

$36.26
per barrel
(Fri. 6/12/20 close)

$57.43
per barrel
(6/21/19)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $39.75 per barrel, $3.49 higher than last Friday’s close.

Domestic crude prices have increased amid greater market focus on compliance with the production reduction agreement between the Organization of the Exporting Countries (OPEC) and its partners, including Russia.

It remains unclear if OPEC’s agreement will extend into August; it is currently set to expire at the end of July.

“As Americans drive more, they are re-fueling gasoline demand levels, which is helping to lift pump prices locally and nationally,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Higher demand will contribute to increasing gas prices in the coming weeks, but motorists shouldn’t expect the typical summer gas price spike, as demand won’t be sufficient enough to drive down gasoline stocks levels.”

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly last week. As demand decreases, alongside healthy domestic gasoline stock levels at 257 million barrels, slower price increases will likely continue through the end of the month.

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

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