Gas prices retreat, but will it last?

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The region saw another week of small gas price declines, Wilmington-based AAA Mid-Atlantic reported.

Delaware saw a four-cent decrease as the average prices dropped below $2.70 a gallon.

Dover continued to have the lowest gas prices, with Sam’s Club logging in at $2.51 a gallon, with Costco and BJ’s membership clubs near Newark and New Castle, respectively posting $2.54 a gallon prices.

According to the Energy Information Administration’s latest report, gasoline demand has increased, and along with a decrease in crude oil and gasoline inventories, any decreases could slow or be reversed.

Today’s national gas price average is $2.87, up a penny in the last week, up to eight cents in the last month, and up 90 cents from this time last year.

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

4/2/21

Week Ago

Year Ago

National

$2.87

$2.86

$1.97

Pennsylvania

$2.98

$3.00

$2.18

Philadelphia
(5-county)

$2.98

$3.01

$2.29

South Jersey

$2.89

$2.92

$2.10

Delaware

$2.68

$2.72

$1.90

Crude Oil

$61.45
per barrel
(Thurs. 4/1/21

$60.97

per barrel

(3/26/21)

$28.34

per barrel

(4/3/20)

At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil closed at $61.45 per barrel, 48 cents higher than last Friday’s close.

Crude prices bounced around a bit during the week as oil markets reacted to an OPEC meeting that ended without any recommendations regarding oil production but did reveal an expectation that global oil demand would rise more slowly than previously predicted.

“Less expensive crude oil prices put downward pressure on pump prices for the majority of motorists over the last two weeks,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Less expensive gas prices could be around the corner, but if demand for gasoline increases, that trend may be short-lived.”

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

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