Gas averages around the Delaware Valley stayed within a penny of the price drivers were paying on Memorial Day.
Delaware’s gas prices fell by a penny over the past week and remained a bit below $3 a gallon.
In its latest weekly report, the Energy Information Administration released new data that shows demand dropped while total domestic gas stocks increased last week. The demand decrease and supply increase helped stabilize prices, and likely help prices remain stable through the weekend and summer.
The numbers
- Pennsylvania’s gas average is $3.17 today, unchanged overnight and up 2 cents in the last week.
- The Philadelphia (5-county) area gas average is $3.16 today, unchanged overnight and unchanged in the last week.
- New Jersey’s gas average is $3.06 today, unchanged overnight and up a penny in the last week.
- S. Jersey’s gas average is $3.04 today, unchanged overnight and unchanged in the last week.
- Delaware’s gas average is $2.97 today, unchanged overnight and down a penny in the last week.
- Dover’s gas average is $2.96 today, down a penny overnight and down a penny in the last week.
- The national gas average is $3.05 today, unchanged overnight and up a penny in the last week.
Crude prices increased last week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, announced they still plan to increase crude production in July gradually.
Costco’s membership store east of Newark continued to have the lowest self-service price at $2.82 a gallon.
The move could help reduce prices at the pump later this summer, but the price reduction will depend on how well OPEC and its allies adhere to their agreement and if the additional production is not met with higher demand. OPEC and its allies will meet again on July 1 to review their production agreement.
“Gas prices have remained relatively flat over the past week, following the Memorial Day holiday weekend,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “As the summer driving season gets underway, gasoline demand, as well as the price of crude oil, will determine the direction of prices at the pump.”
To check out gas prices, log on to Fuel Price Finder (http://www.AAA.com/fuelfinder.
