Home Agribusiness Gas price increase slows but doesn’t stop

Gas price increase slows but doesn’t stop

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Gas prices rose another a couple of cents a gallon over the weekend, according to figures from AAA.

During the past week, the price at the pump has risen by seven cents a gallon and about a quarter a gallon over the past two weeks. Delaware’s average gas prices are now six cents a gallon above the national figure and are nearing the record figure set earlier in 2022.

Tight supplies, the Russian invasion of Ukraine and refineries emerging from annual maintenance turnarounds are among the factors that have driven the higher prices.

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Delaware’s average gas prices

PeriodRegularMid-GradePremiumDiesel
Current Avg.$4.247$4.619$4.866$5.716
Yesterday Avg.$4.247$4.618$4.865$5.683
Week Ago Avg.$4.020$4.462$4.706$5.084
Month Ago Avg.$4.073$4.501$4.750$5.143
Year Ago Avg.$2.785$3.167$3.403$3.094
From AAA

Businesses with diesel-powered fleets are feeling the most pain, with the average price at 5.71 a gallon.

On Monday, crude was trading at around $1.05 a barrel.

“As long as the supply remains tight, it will be hard for crude oil prices to fall and consumers will in turn face higher prices at the pump,” said Andrew Gross, AAA spokesperson. “It now costs drivers in the U.S. about $23 more to fill up than a year ago.”

According to new data from the Energy Information Administration, total domestic gasoline stocks decreased by 1.6 million bbl to 230.8 million bbl last week. Gasoline demand decreased slightly from 8.87 million barrels a day to 8.74 million barrels a day. Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.

Delaware benefitted from Maryland’s gas tax holiday, which led First State convenience store chains to lower their prices.

Membership warehouses continued to set the pace when it comes to lower prices with regular listed as low as $3.92 a gallon. The typical price at the pump was $4.25 a gallon at most station/convenience stores.

To check out gas prices in your neighborhood, log on to AAA’s Fuel Finder

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