Gas prices dropped by by a penny in Delaware, despite an increase in crude oil prices, Wilmington-based AAA Mid-Atlantic reported.
In its latest weekly report, new data from the Energy Information Administration showed that gas demand dropped while total domestic gas stocks increased.
Typically, lower gas demand amid growing stocks would help push pump prices down, but the increasing price of crude pushed prices upward instead.
Holding Delaware’s gas prices down for a time were lower gas prices in the Dover area and a gas skirmish in the Route 40 area of Maryland and Delaware.
Elkton’s gas prices have been lower than their counterparts across the line, even with Maryland’s higher gas taxes. That led some Delaware stations to match their prices.
Monday gas prices
- Pennsylvania’s gas average is $3.17 today, down a penny overnight and unchanged in the last week.
- The Philadelphia (5-county) area gas average is $3.16 today, unchanged overnight and unchanged 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 $2.96 today, unchanged overnight and down a penny in the last week.
- Dover’s gas average is $2.94 today, unchanged overnight and down 2 cents in the last week.
- The National gas average is $3.08 today, up a penny overnight and up 3 cents in the last week.
At the close of NYMEX trading Friday, West Texas Intermediate crude oil settled at $71.42 per barrel more than $1.30 above the price a week ago.
Crude prices crossed the $70 a barrel threshold on Tuesday, a point they had not seen since mid-October 2018.
Crude prices have increased due to optimism that vaccine rollout will continue to help crude demand recover after the U.S. Consumer Price Index showed that prices increased by 5% in May, compared to last year, a larger increase than expected.
The new report is fanning market concerns that inflation is driving prices higher. Additionally, crude prices have been bolstered by EIA’s latest report revealing that total domestic crude supplies decreased last week.
“Philly, South Jersey, and Delaware drivers are seeing different trends at the pump this week,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “However, if domestic crude prices remain high, drivers will likely continue to see pump prices fluctuate through the end of the month.”
To check out gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).