Delaware gas prices rise seven cents during the week

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Gas prices have remained unchanged after the 4th of July holiday, with the exception of Delaware, Wilmington-based AAA Mid-Atlantic reported.

Delaware’s price at the pump remains three cents higher than in South Jersey, which has a gas tax that is 18 cents higher than Delaware’s figure.

According to new data from the Energy Information Administration, gas demand showed a slight increase last week as well as a drop in gasoline supply. However, an increase in crude oil supply may be holding prices steady at the pump.

Monday gas prices:

  • Pennsylvania gas average at $2.44 today, unchanged overnight and up a penny in the last week.  
  • New Jersey gas average at $2.18 today, up a penny overnight and up 2 cents in the last week.
  • Delaware gas average at $2.22 today, unchanged overnight and up 7 cents in the last week.  
  • Maryland gas average at $2.41 today, up a penny overnight and up 5 cents in the last week.
  • Philadelphia (5-county) area gas average at $2.41 today, unchanged overnight and up 2 cents in the last week.  
  • S. Jersey gas average at $2.15 today, up a penny overnight and up 2 cents in the last week. 
  • National gas average at $2.19 today, unchanged overnight and up a penny in the last week.  

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $40.55 per barrel, 10 cents less than last Thursday’s close. Markets were closed last Friday. Domestic crude prices pushed lower after EIA’s weekly report revealed that total domestic crude inventories increased. Increasing crude stocks could mean that crude production is still too high.

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“This week’s subtle change in prices at the pump is due to a dip in demand and an increase in supply,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Demand for gasoline may fluctuate in the coming weeks due to reports that coronavirus cases have increased in some states, which could impact pump prices.”

The EIA Short-Term Energy Outlook (STEO) reports travel reductions related to COVID-19 have resulted in sharp reductions in crude oil prices and demand for gasoline in the United States during the second quarter of 2020, which have significantly reduced prices for gasoline.

The STEO notes the retail price of regular gasoline in the United States will average $2.06 per gallon during the third quarter of 2020, 59 cents per gallon lower than at the same time last year. The U.S. regular gasoline retail price, which averaged $2.60 per gallon in 2019, is forecast to average $2.11 per gallon in 2020 and $2.23 per gallon in 2021.

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

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