Delaware’s gas price dropped two cents in the past week.
In its latest weekly report, new data from the Energy Information Administration (EIA) found growth in gasoline demand and total domestic gasoline stocks.
The increase in total supply, even as gas demand increased, limited pump price fluctuations this week. However, rising crude oil prices could mean higher prices later this month.
- Pennsylvania’sgas average is$3.17today, down a penny overnight and unchanged in the last week.
- ThePhiladelphia (5-county) areagas average is$3.17today, unchanged overnight andup a penny in the last week.
- New Jersey’sgas average is$3.07today, unchanged overnight and up a penny in the last week.
- S. Jersey’sgas average is$3.04today, unchanged overnight and unchanged in the last week.
- Delaware’sgas average is$2.94 today, unchanged overnight and down two cents in the last week.
- Dover’sgas average is$2.92 today, unchanged overnight and down two cents in the last week.
- TheNationalgas average is$3.07today, unchanged overnightand down a penny in the last week.
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil traded at $73.06 per barrel, up more than a dollar from Friday’s close.
Membership clubs in northern Delaware continued to have the state’s lowest fueling costs, with the Costco southeast of Newark posting a $2.80 a gallon price at the pump.
The U.S. Federal Reserve indicated this week that interest rates are expected to increase earlier than forecasted due to rising inflationary pressure, putting downward pressure on crude prices and limited price increases.
However, earlier in the week, crude prices increased due to optimism that the vaccine rollout will continue to help crude demand recover.
Also, EIA’s latest report bolstered crude prices, revealing that total domestic crude supplies decreased by 7.4 million barrels last week.
“Philly, South Jersey, and Delaware drivers are paying about the same price at the pump as they were a week ago and even a month ago,” said Jana L. Tidwell, Manager of Public and Government Affairs for AAA Mid-Atlantic. “However, if domestic crude prices rise, drivers could see higher gas prices later this month.”
To check out gas prices in your area, log on to AAA’s Fuel Price Finder(http://www.AAA.com/fuelfinder).