Gas price up by 4 cents a gallon in Delaware

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Delaware drivers saw another week of increases at the pump.

South Jersey and Delaware saw increases of four cents in the past week while the national average saw little change.

A year ago, the comparison reflects turbulent times in the oil industry as the pandemic took hold and stay-at-home orders were issued.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased last week. The increase helped to limit pump price increases as demand dropped. Continued growth in total domestic supply will likely help keep pump prices in check through the weekend amid a reduction in demand.

Today’s Average One Week Ago One Month Ago One Year Ago
National $2.90 $2.88 $2.87 $1.78
Delaware $2.78 $2.74 $2.68 $1.75
Dover $2.79 $2.74 $2.67 $1.75
Milford/Seaford $2.78 $2.75 $2.69 $1.74
Wilmington/Newark $2.78 $2.74 $2.69 $1.76
Maryland $2.83 $2.80 $2.78 $1.87

In NYMEX trading Monday, West Texas Intermediate crude oil was trading at $64.50 a barrel, up more than $1.50 from a week ago.

Crude prices have increased this week due to a weak dollar and growing market optimism that crude demand will recover despite surging coronavirus infection rates in Asia that could derail expectations.

Also, prices increased earlier this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies recommended leaving in place a recent agreement to increase crude production starting in May gradually.

At the OPEC+ ministerial meeting on June 1, the cartel will meet via videoconference to review output levels for July and August.

“Local drivers saw more increases at the gas pump this week,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “With the CDC’s recent announcement that fully-vaccinated people can travel across the country with minimal risk and rumors that Europe could reopen this summer, demand is going to build, potentially pushing prices higher.”

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

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