Delaware gas prices hover near $3 a gallon as holiday travel volume surges

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Gas prices have risen a couple of cents a gallon during the past week in Delaware as more travelers take to the roads.

Nearly 44 million Americans are expected to travel over the Independence Day holiday weekend, Wilmington-based AAA Mid-Atlantic reported.

While total travel volume is expected to approach pre-pandemic levels, AAA expects car travel volume will reach record levels this weekend. 

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In its latest weekly report, new data from the Energy Information Administration showed that gas demand decreased slightly last week, while total domestic gas stocks increased.

Falling gas demand, while supply increases, would typically help stabilize and reduce pump prices. However, AAA expects crude oil prices to likely continue climbing following the holiday and through the end of summer.

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

 

7/2/21

Week Ago

Year Ago

National

$3.12

$3.08

$2.17

Pennsylvania

$3.20

$3.18

$2.43

Philadelphia
(5-county)

$3.20

$3.17

$2.39

South Jersey

$3.12

$3.06

$2.13

Delaware

$2.98

$2.96

$2.15

Crude Oil

$75.16
per barrel
(Fri. 7/2/21 close)

$74.05
per barrel
(6/25/21)

$40.65
per barrel
(7/2/20)

In Delaware, Costco and BJ’s Wholesale Club were the price leaders at  $2.87 a gallon. Three dollars a gallon gas ($2.99 was commonplace at Wawa and Royal Farms markets.

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $75.16 per barrel, $1.11 higher than last Friday’s close.

Crude prices increased to more than $75 per barrel on Thursday, the highest price in almost two and a half years, a stark contrast to  $40 a barrel prices during the pandemic year of 2020.

The increase is due to market anticipation of a decision from the Organization of the Petroleum Exporting Countries and its allies (known as OPEC+) that could increase crude production by 500,000 barrels per day in August.

If enacted, the decision will help meet crude demand growth expectations as vaccination efforts continue to roll out.

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

 

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