Gas prices across the Delaware Valley remained flat over the as demand for gasoline and supplies dipped, AAA Mid-Atlantic reported.
The drop in gas and oil supplies could send prices higher while the drop in demand could limit the increase..
Even though prices are increasing, Philadelphia drivers are paying 52 cents less than one year ago, South Jersey drivers are paying 59 cents less and Delaware drivers are paying 40 cents less.
Delaware still has the distinction of somehow having higher gas prices than southern New Jersey, even though the Garden State’s gas tax is 18 cents a gallon higher.
- Pennsylvaniagas average at $2.43 today, unchanged overnight and down a penny in the last week.
- New Jersey gas average at$2.19 today, unchanged overnight and up a penny in the last week.
- Delawaregas average at $2.22 today, unchanged overnight and unchanged in the last week.
- Maryland gas average at $2.25 today, down a penny overnight and unchanged in the last week.
- Philadelphia (5-county) areagas average at $2.42 today, unchanged overnight and up a penny in the last week.
- S. Jerseygas average at $2.18 today, unchanged overnight and up 3 cents in the last week.
- National gas average at $2.19 today, unchanged overnight and unchanged in the last week.
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $40.59 per barrel, four cents higher than last Friday’s close.
Prices hovered between $40 and $42 this week, ending at a more than four-month high Wednesday ($41.20). Domestic crude prices fell after the Energy Information Administration’s (EIA) weekly report revealed that total domestic crude inventories decreased. Decreasing crude stocks could mean that crude production is beginning to meet demand and could reduce price volatility, as coronavirus outbreaks continue to grow worldwide.
“Data shows gasoline demand and supply continue on a roller coaster ride,” says Jana L. Tidwell, manager of Public and Government Affairs for Wilmington-based AAA Mid-Atlantic. “As motorists react to unfolding COVID-19 information, we are seeing driving behaviors related to filling-up ebb and flow.”
As supplies tighten, prices could continue to rise, depending on demand. Last week, demand for gasoline fell slightly, following the Fourth of July holiday weekend.
To check out gas prices in your area, log on to(http://www.AAA.com/fuelfinder).