Delaware saw a three-cent increase in the average price for regular gas during the past week, thanks to optimism over a coronavirus vaccine and an uptick in demand.
Delaware was the only state in the region with an average gas price higher than the figure from a year ago.
Bargains continue to be available, with the Costco and BJ’s membership clubs in northern Delaware continuing to offer a $2 a gallon price for regular.
Prices by state
- Pennsylvania gas average at $2.52 today, unchanged overnight and unchanged in the last week.
- New Jersey gas average at $2.34 today, unchanged overnight and up 4 cents in the last week.
- Delaware gas average at $2.37 today, unchanged overnight and up 3 cents in the last week.
- Maryland gas average at $2.35 today, unchanged overnight and up a penny in the last week.
- Philadelphia (5-county) area gas average at $2.57 today, up a penny overnight and in the last week.
- S. Jersey gas average at $2.34 today, up a penny overnight and up 5 cents in the last week.
- National gas average at $2.22 today, up a penny overnight and up 6 cents in the last week.
In the weekly report from the Energy Information Administration (EIA), gas demand increased last week as supplies tightened.
Since last Friday, the national average for a gallon of regular gasoline has increased by six cents to $2.21 as the increase in gas demand has helped to push pump prices up across the country.
The national average increase is like to be temporary as the country enters the winter driving season — a time when gas demand typically hits the lowest levels for the year.
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil closed at $49.10 per barrel, $2.53 higher than last Friday’s close. Crude prices rose this week due to a weak dollar and increasing investment based on market optimism that coronavirus vaccines will help crude oil demand recover in 2021. Continued positive news about the vaccines will put upward pressure on gas prices.
“Local gas prices are increasing ahead of the holidays as a result of an increase in demand,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Higher crude prices have also helped to lift pump prices since the price of oil makes up over half of the cost of gasoline.”
To check out prices in your neighborhood, log on to AAA’s Fuel Price Finder. Fuel Price Finder (http://www.AAA.com/fuelfinder).
