Gas prices in the Delaware Valley held steady this week, with the exception of Delaware, which showed an eight-cent jump as of Friday, for reasons that remain unclear.
As of Monday, gas prices in Delaware had risen by three cents a gallon over the previous week to $3.08.
The price drop occurred while approximately 16% of crude production in the Gulf of Mexico remains shuttered due to hurricanes Ida and Nicholas.
As the recovery and restoration process continues, pump prices will likely continue to stabilize. However, high crude prices (above $70 per barrel) will contribute to pump prices likely remaining high this fall.
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Bargains were available, with the $2.85 a gallon gas at two stations in Middletown. A BJ’s membership warehouse in Elsmere and the Costco near Christiana Mall was selling regular at or below $2.90 a gallon. A smattering of stations in the Lewes-Rehoboth area were selling regular gas at less than $3 a gallon.
At the close of NYMEX trading Monday crude oil was trading at $75.46 per barrel, up $2 from Friday.
Crude prices increased this week following the release of the Energy Information Administration’s recent weekly report that shows total domestic crude inventories decreased by 3.4 million barrels to 414 million barrels. Also, crude prices rose after the Federal Reserve signaled it could raise interest rates in 2022 and end its bond-purchase program that has supported the economy since the start of the pandemic.
“Motorists saw a slight decrease at the pump this week as recovery progress is made in the Gulf region,” said Jana Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “However, as long as crude prices remain elevated, we will not see the seasonal decreases as we enter the first weekend of fall.”
To check out gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).