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Gas prices soar during week

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Gas prices soar during week
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Delaware gas prices soared during the past week.

Figures from AAA showed the price at the pump for regular rose about 18 cents a gallon over the past week and nearly 30 cents during the past month.

Concerns over the possibility of Russia invading Ukraine have been a factor in the rising prices, along with inflation and accompanying supply chain issues.

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Signs that prices gains would moderate evaporated as Russia massed troops along the border with Ukraine.

President Biden and Russian strongman Putin were scheduled for a phone call over the weekend. Biden is spending the weekend at Camp David rather than his home near Greenville.

On Monday, crude oil was trading at about $95 a barrel with the potential to move into record territory.

Oil prices were also affected by lower inventories with no signs that the soaring price of crude would lead to a ramp-up in domestic production.

Oil producers have been showing discipline in not rapidly ramping up production in avoiding the usual boom and bust cycle, with the labor shortage, inflation and supply chain issues also playing a role.

RegularMid-GradePremiumDiesel
Current Avg.$3.538$3.879$4.118$3.896
Yesterday Avg.$3.536$3.871$4.117$3.893
Week Ago Avg.$3.385$3.742$3.993$3.810
Month Ago Avg.$3.210$3.606$3.874$3.594
Year Ago Avg.$2.483$2.881$3.100$2.899
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