Despite higher crude oil prices and Hurricane Ida, the cost per gallon of regular in Delaware remained steady, Wilmington-based AAA Mid-Atlantic reported.
That is likely to change. Storms in the Gulf of Mexico area typically lead to temporarily higher gas prices.
Gas prices held steady last week despite the Energy Information Administration reporting this week that gas demand increased slightly last week and total domestic stocks decreased.
Typically, lower stock levels alongside higher demand push prices higher, but crude oil has not climbed above a $70 a barrel figure that puts more upward pressure on retail prices. In trading on Monday, the price of crude only rose 35 cents a barrel to finish above $69.
Delaware’s gas prices had a brief spike to $3.09 a gallon but have since fallen below $3.
The Bear-Glasgow area saw downward pressure, apparently due to stations in neighboring Elkton, MD cutting prices. The Elkton area has a large number of stations, and price-cutting occurs from time to time.
There were scattered instances in Dover, Middletown, and Newark of stations charging $2.86 or less a gallon, with price leader Costco coming in at $2.86 a gallon.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
8/27/21 |
Week Ago |
Year Ago |
|
| National |
$3.14 |
$3.17 |
$2.22 |
| Pennsylvania |
$3.27 |
$3.28 |
$2.50 |
| Philadelphia (5-county) |
$3.29 |
$3.29 |
$2.45 |
| South Jersey |
$3.12 |
$3.13 |
$2.19 |
| Delaware |
$2.97 |
$2.98 |
$2.27 |
| Crude Oil |
$68.74 |
$62.14 |
$42.97 |
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $68.74 per barrel, $6.60 higher than last Friday’s close.
Crude oil prices fluctuated this week – from a low of $65 per barrel to a high of $68 per barrel – due to market optimism in response to the Food and Drug Administration’s full approval of the Pfizer-BioNTech Covid-19 vaccine and EIA’s Wednesday report showing that total domestic crude stocks decreased.
“Gasoline demand increased this week, hinting that many people are taking the last Great American Road Trip of the summer season,” said Jana L. Tidwell, manager of public and government affairs for AAA Mid-Atlantic. “Although demand is up, the price of crude will determine the direction of gas prices in the weeks to come.”
To check out gas prices in your area, log on to AAA’s Fuel Price Finder, /www.AAA.com/fuelfinder).
