Gas prices across the country have seen dramatic decreases as a result of a sharp drop in both the demand for gasoline and the price of crude oil.
But many states have started to reopen and Americans head back out on the road, gas prices are springing back, Wilmington-based AAA Mid-Atlantic reported.
Below are Monday average prices in the region.
- Pennsylvania gas average at $2.26 today, up a penny overnight and up 2 cents in the last week.
- New Jersey gas average at $2.06 today, up a penny overnight and up 3 cents in the last week.
- Delaware gas average at $1.95 today, unchanged overnight and up 5 cents in the last week.
- Maryland gas average at $2.04 today, unchanged overnight and up 2 cents in the last week.
- Philadelphia (5-county) area gas average at $2.25 today, unchanged overnight and up 3 cents in the last week.
- S. Jersey gas average at $1.99 today, up a penny overnight and up 3 cents in the last week.
- National gas average at $2.03 today, up a penny overnight and up 6 cents in the last week.
Delaware has seen the biggest jump in the region, with the price at the pump up 17 cents in the past month. Delaware is now the only state in the tri-state area still under $2.
Delaware has a much lower state gas tax than neighboring states and has benefited from nearby out of state motorists making a trip across the state line to fill up on cheaper fuel.
Cheaper gas is widely available in Delaware with membership clubs Costco and BJ’s offering regular at around $1.65 a gallon.
At the close of NYMEX trading on Friday, West Texas Intermediate (WTI) crude oil settled at $39.55 per barrel, $4.06 higher than last Friday’s close.
The price of crude has increased each day this week but concerns still linger over whether the Organization of Petroleum Exporting Countries (OPEC+) will be able to agree on an extension of production cuts.
The group is expected to meet soon to discuss the cuts. The Energy Information Administration (EIA) reported this week that crude oil inventory decreased last week but analysts feel that the amount of crude still remaining in storage will keep up with the increasing demand.
“Americans are slowly but steadily returning to the road, causing gas prices to increase across the country,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “As our region continues to reopen and pump prices increase, drivers are still filling up at 70 to 80 cents per gallon less than this time last year.”
While AAA does not expect gas prices to reach the same levels as one year ago, unforeseen events, like a hurricane, can cause an increase. The oil industry is now eyeing a storm in the Gulf of Mexico, the location of much of the nation’s oil production.
To check out prices in the area log on to AAA’s.Fuel Price Finder (http://www.AAA.com/fuelfinder).
