Gas prices rise but sluggish demand should limit further increases

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Gas prices in Delaware rose by two cents a gallon during the past week,  thanks to an increase in crude oil prices.

The $2.35 a gallon price is comparable to what motorists were paying a year ago.

Since mid-November, domestic daily crude prices steadily increased toward $45 per barrel.

Gas prices in region.

  • Pennsylvania gas average at $2.53 today, unchanged overnight and up a penny in the last week.  
  • New Jersey gas average at $2.28 today, down a penny overnight and up a penny in the last week.
  • Delaware gas average at $2.35 today, unchanged overnight and up 2 cents in the last week.  
  • Maryland gas average at $2.34 today, unchanged overnight and up 3 cents in the last week.
  • Philadelphia (5-county) area gas average at $2.52 today, unchanged overnight and up 2 cents in the last week.  
  • S. Jersey gas average at $2.27 today, unchanged overnight and up a penny in the last week.  
  • Wilkes-Barre area gas average at $2.46 today, unchanged overnight and up penny in the last week.
  • National gas average at $2.16 today, unchanged overnight and up 4 cents in the last week.  

 Energy Information Administration data showed  that demand decreased from last week to the lowest figure since early June.

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $46.26 per barrel, 73 cents higher than last Friday’s close.

Crude prices have increased this week amid growing market optimism that vaccines for the coronavirus will be available in the coming weeks. However, the current surge in the number of infections domestically appears to have capped crude oil price gains while states increase measures meant to stop the virus’s spread.

EIA’s weekly report supported the increase in prices, revealing that total domestic crude inventories fell last week.

“Gas prices have increased by at least six cents throughout the Delaware Valley since Thanksgiving Day,” said Jana L. Tidwell, manager of Public and Government Affairs for Wilmington-based AAA Mid-Atlantic. “Although crude oil increases have pushed prices higher, demand continues to decline into the winter driving season, and American drivers should expect gas prices to remain lower when compared to last year’s pump prices, moving into 2021.”

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

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