Gas prices in Delaware have risen sharply, reaching their highest level in seven years, Wilmington-based AAA Mid-Atlantic reported.
Prices have risen as much as 10 cents a gallon in recent days.
The lowest gas prices, according to AAA’s Fuel Price Finder were in Talleyville in north Wilmington and in Middletown at $2.99 a gallon and $3.03 a gallon at the Costco near Christiana Mall.
Some states may see prices top $3.50 per gallon in the coming weeks.
- The national gas price average is $3.27 a gallon, up by seven cents in the past week and $1.09 since last year)
- Philadelphia’s five-county gas price average is $3.43, up 11 cents a gallon in the past week and up 98-cents since last year.
- South Jersey gas price average stood at $3.24, up eight cents in the past week and up $1.03 since last year.
- Delaware’s Wednesday gas price average stands at $3.23, up more than 90-cents during the past year.
- Crude closed at $80.56 a barrel on Wednesday, double the price from October 2020 and the highest level since 2014.
The key driver for this recent rise in the price of gas is crude oil, which typically accounts for between 50% and 60% of the price at the pump
Energy demand has strengthened as the world economy reopens. However, supply has not kept up.
Last week’s decision by OPEC and its oil-producing allies to not increase production further spurred price momentum.
This upward movement of gas prices isn’t typical, as prices usually drop this time of year due to decreased demand and the switchover to winter-blend gasoline.