Delaware gas price drops by a couple of pennies

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Delaware gas prices dropped an average of two cents a gallon last week as crude oil prices reman high, Wilmington-based AAA Mid-Atlantic reported.

The national gas price average increased by three cents in the last week, despite a decline in gasoline demand, according to new data from the Energy Information Administration (EIA).

Although gas demand dropped and total refinery utilization decreased, pump prices have increased in some states, signaling that expensive crude oil prices area factor.

Sam’s Club in Dover had the lowest prices at $2.21 a gallon, followed by Costco and BJ’s Wholesale Club stations in northern Delaware at $2.24.

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

1/29/21

Week Ago

Year Ago

National

$2.42

$2.39

$2.49

Pennsylvania

$2.70

$2.69

$2.70

Philadelphia
(5-county)

$2.68

$2.68

$2.68

South Jersey

$2.54

$2.54

$2.45

Delaware

$2.44

$2.46

$2.23

Crude Oil

$52.20
per barrel
(Fri. 1/29/21 close)

$52.27
per barrel
(1/22/21)

$51.56
per barrel
(1/31/20)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $52.20 per barrel, seven cents lower than last Friday’s close.

EIA’s new weekly reportprompted crude price increases earlier this week after it showed total domestic crude inventories declined last week, the largest weekly decline since late July 2020.

However, price gains continue to be limited by ongoing market concern that crude demand may take more time than expected to recover this year due to new coronavirus infections and associated travel restrictions.

“Local motorists have seen little movement at the pump this week, in contrast to other states around the country,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Although the price increase seems to be slowing locally, continued higher crude oil prices could sustain gas prices.”

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

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