Delaware gas price up by another six cents in past week

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At a time when gas prices typically drop due to decreased demand, Delaware Valley motorists are feeling the pain at the pump as gas prices climb double-digits week-over-week locally.

In Delaware, the gas price average jumped to $3.30 per gallon, up by six cents on the week and up to $1.02 a gallon over last year, Wilmington-based AAA-Mid Atlantic noted in its weekly report. 

The national average for a gallon of gasoline rose seven cents over the past week hitting $3.37,  up $1.21 since this time last year. The primary driver of this surge remains the cost of crude oil, which is now closing daily above $80 a barrel. In August, the price of crude was in the low $60s per barrel, and last October, the price of crude was $40 per barrel.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

10/22/21

Week Ago

Year Ago

National

$3.37

$3.30

$2.16

Pennsylvania

$3.55

$3.46

$2.47

Philadelphia

(5-county)

$3.57

$3.45

$2.47

South Jersey

$3.38

$3.27

$2.19

Delaware

$3.30

$3.24

$2.28

Crude Oil

$83.76 per barrel(10/22/21)

$82.28 per barrel (10/15/21)

$39.73 per barrel (10/23/20)

 

At the close of Friday’s formal trading session, WTI increased by $1.48 this week to settle at $83.76, the highest price since 2014.

Typically, softening demand should result in some easing of pump prices, but the higher cost for crude is blocking that normal trend.

With oil prices remaining elevated, pump prices will follow suit because the cost of crude oil accounts for more than half of the price of each gallon of gas.

“Unseasonal pain at the pump continues to impact motorists, as gas prices continue to climb to seven-year highs” said Jana Tidwell, manager of Public and Government Affairs for AA Mid-Atlantic. “Compared to the price of gas a year ago, it now costs consumers about $17 more to fill up their vehicles. That’s the cost of a large pizza with toppings. And unfortunately, it doesn’t look like relief is coming any time soon.”

The rising gas price has been blamed on the Biden Administration’s actions that included blocking the Keystone Pipeline and limiting leasing on federal lands. While critics have been quick to jump on the president, others claim that a worldwide economic recovery from Covid-19, supply chain problems, and OPEC limits on production are the main r factors.

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

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