Delaware gas price rose by eight cents a gallon during the past week due to a combination of rising crude prices, tightening gas supplies, and increased gas demand, Wilmington-based AAA-Mid Atlantic reported.
Gas prices of $2.76 a gallon were commonplace in Delaware at Wawa and Royal Farms stores in a state where the two chains have a big influence on the price of the pump.
The increases has led to speculation that gas prices could rise to $3 a gallon. That indeed happened in neighboring Pennsylvania, the state with one of the nation’s highest gas taxes.
Here are Monday’s gas prices from AAA Mid-Atlantic.
- Pennsylvania’s gas average is $3 today, up a penny overnight and up 5 cents in the last week.
- The Philadelphia (5-county) area gas average is $2.96 today, up a penny overnight and up 4 cents in the last week.
- New Jersey’s gas average is $2.89 today, up a penny overnight and up 5 cents in the last week.
- S. Jersey’s gas average is $2.89 today, up 2 cents overnight and up 5 cents in the last week.
- Delaware’s gas average is $2.72 today, up a penny overnight and up 8 cents in the last week.
- Dover’s gas average is $2.74 today, up 2 cents overnight and up 9 cents in the last week.
- The National gas average is $2.77 today, up a penny overnight and up 5 cents in the last week.
Those with warehouse clubs memberships that range from $55 to $60 a year were getting better deals early this week.
Sam’s Club in Dover reported a $2.48 gas price, the lowest in the state. BJ’s and Costco in northern Delaware were selling gas at around the $2.50 mark. Some independent stations near the warehouse clubs lowered their prices in response.
The $2.66 gas price in Delaware is nearing the $2.75 threshold that, by some accounts, gains the attention of drivers.
According to new data from the Energy Information Administration (EIA), total domestic gas stocks decreased, and gasoline demand increased last week. If these trends continue alongside higher crude prices, drivers can expect incremental price increases — at least nickel — at gas stations in March.
In NYMEX trading on Monday, crude oil closed was trading above $65 a barrel $4 higher than last Friday’s close.
Crude prices increased last week after the Organization of the Petroleum Exporting Countries (OPEC) decided with its allies, including Russia, to maintain existing crude production cuts of seven million b/d through April.
Additionally, Saudi Arabia — a member of OPEC — agreed to extend its voluntary production cut of one million barrels per day by one month. Crude prices have increased despite EIA’s latest weekly report revealing that total domestic inventories grew last week.
“Local drivers continue to feel the pain at the pump as gas averages continue to creep closer to the $3 mark,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA forecasts the national gas price average to hit at least $2.80 in March.”
To check out prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
