Delaware gas prices rose by eight cents this week on optimism about a coronavirus vaccine and declining crude oil inventories.
Prices have increased even though gas demand remains low and total refinery utilization increased, according to Wilmington-based AAA Mid-Atlantic.
Membership clubs continue to set the pace on pricing. Costco south of Newark, BJ’s. locations in New Castle County and Sam’s Club in Dover all reported a $2.17 a gallon price for revenue.
Convenience store chains Wawa and Royal Farms were commonly posting $2.50 a gallon prices,
Crude prices continue to increase this week due to market optimism that coronavirus vaccines will help crude demand recover this year. Also, the Energy Information Administration’s new weekly report helped bolster prices, detailing that total domestic crude inventories declined.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
1/15/21 |
Week Ago |
Year Ago |
|
| National |
$2.37 |
$2.30 |
$2.57 |
| Pennsylvania |
$2.68 |
$2.60 |
$2.81 |
| Philadelphia (5-county) |
$2.67 |
$2.62 |
$2.76 |
| South Jersey |
$2.52 |
$2.43 |
$2.55 |
| Delaware |
$2.45 |
$2.36 |
$2.37 |
| Crude Oil |
$52.36 |
$52.24 |
$58.54 |
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil closed at $52.36 per barrel, 12 cents higher than last Friday’s close.
Crude prices continued to increase this week due to market optimism that coronavirus vaccines will help crude demand recover this year. Additionally, EIA’s new weekly report helped bolster prices, detailing that total domestic crude inventories declined last week.
“If crude prices continue to sustain prices above $50 per barrel alongside higher refinery utilization rates and demand, drivers could see pump prices continue to climb through the weekend,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic.
To check out prices in your area, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
