The price at the pump rose another two cents during the week, Wilmington-based AAA Mid-Atlantic reported.
Delaware’s average price per gallon is now five cents higher than in southern Jersey. This comes despite New Jersey having a gas tax that is 18 cents a gallon higher than Delaware’s levy.
Prices in Delaware varied, with membership clubs Costco, Newark and Sam’s, Dover, coming in at $2 a gallon. Only slightly higher priced at BJ’s Wholesale Club, which has stores in New Castle and Sussex counties.
The Energy Information Administration’s (EIA) latest report shows gas demand fell last week. Decreasing demand for gasoline has helped pump prices to decrease in some areas in the last week. If demand continues to drop, pump prices could get cheaper in the coming week.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
7/24/20 |
Week Ago |
Year Ago |
|
National |
$2.18 |
$2.20 |
$2.75 |
Pennsylvania |
$2.42 |
$2.43 |
$2.91 |
Philadelphia
|
$2.42 |
$2.42 |
$2.92 |
South Jersey |
$2.18 |
$2.18 |
$2.73 |
Delaware |
$2.23 |
$2.21 |
$2.52 |
Crude Oil |
$41.29
|
$40.59
|
$56.20
|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled in at $41.29 per barrel, 70 cents higher than last Friday’s close.
Domestic crude prices decreased after EIA’s weekly report revealed that total domestic inventories increased. The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied, which led crude prices to fall.
“As the summer driving season continues, there may be more drivers behind the wheel but the numbers of work commutes and travel opportunities are reduced,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “As concerns over COVID-19 remain, demand for gasoline has tapered off somewhat from the beginning of July and could mean less expensive gas prices.”
AAA says there may be a drop in gas prices in the next week due to the drop in demand for gasoline and an increase in crude oil supply. Crude prices are remaining steady due to concerns over the rise in Covid-19 cases and what that could mean for the demand for gas. Adding to market volatility are relations between the U.S. and China, which deteriorated after the U.S. gave Beijing 72 hours to close its consulate in Houston over allegations of spying.
To check out gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder) which locates the lowest fuel price in your area.
