Despite low seasonal demand for gasoline, pump prices are moving up, with Delaware seeing an increase of about a nickel a gallon during the past week.
The culprit is the rising crude oil price, which rose above $87 per barrel, more than $20 higher than in early December. Click here for the latest price.
See Tuesday gas prices below.
|Week Ago Avg.||$3.231||$3.628||$3.895||$3.668|
|Month Ago Avg.||$3.262||$3.656||$3.921||$3.575|
|Year Ago Avg.||$2.448||$2.865||$3.090||$2.929|
The tension between Russia and Ukraine has contributed to a crude price surge earlier this week. Since Russia is a member of OPEC+, sanctions over the country’s actions along the eastern border of Ukraine could cause that nation to withhold crude oil from the global market. I
Traders are concerned that a looming invasion could contribute to an already volatile market.
“Since dipping to $3.28 in the first week of January, the national average for a gallon of gas has slowly started to rise again,” said Jana Tidwell, spokesperson for AAA Mid-Atlantic. “As long as the price for oil remains elevated, consumers will feel increased pain at the pump.”
To check out prices in your neighborhood, log on to AAA’s Fuel Price Finder. http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
According to the Fuel Price Finder, the Costco store near Newark was selling regular at $3.15 a gallon, while two independent stations in Middletown posted prices at $3.13 a gallon.
Delaware Business Now strives to provide accurate coverage of the Delaware Business community. A correction will be noted in the headline of the story. If you find an error or you see the need for clarification, detect an correct hyperlink, or see the need for an update, send an email message to firstname.lastname@example.org.