Lagging demand holds down gas prices as Thanksgiving approaches

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Delaware drivers saw the price at the pump drop by three cents a gallon as demand dipped.

In the new weekly report from the Energy Information Administration (EIA), gas demand decreased which, alongside an increase in total domestic gasoline stocks, kept prices down. Thanks to muted demand, prices are likely to remain low ahead of the Thanksgiving holiday period.

Sam’s Club in Dover was still posting a $1.95 price at the pump, with Costco and BJ’s membership clubs offering $2 a gallon prices.

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

11/20/20

Week Ago

Year Ago

National

$2.11

$2.13

$2.59

Pennsylvania

$2.46

$2.47

$2.75

Philadelphia
(5-county)

$2.43

$2.43

$2.75

South Jersey

$2.18

$2.16

$2.51

Delaware

$2.19

$2.22

$2.36

Crude Oil

$42.15
per barrel
(Fri. 11/20/20 close)

$40.13
per barrel
(11/13/20)

$57.77
per barrel
(11/22/19)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $42.15 per barrel, $2.02 higher than last Friday’s close.

Earlier in the week, crude prices increased slightly amid growing market optimism that a vaccine for the coronavirus will be available, beginning at the end of the year.

However, the current surge in the number of infections has capped price gains, while states increase measures meant to stop the spread of the virus. Also, the EIA’s weekly report revealed that total domestic crude inventories grew by 800,000 barrels last week.

“Local gas prices increased in some areas, decreased in some areas and stayed static in others,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “With many states seeing rising COVID-19 case numbers and a number of officials warning against holiday travel, demand is likely to see a dip in coming weeks.”

A new survey by AAA indicates that a large majority of Pennsylvania, New Jersey, and Delaware residents will not be traveling for the Thanksgiving holiday. In each state, at least 40 percent of those staying home citedCovid-19 concerns.

To check out gas prices Fuel Price Finder(http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.

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