Gas prices increase on news of OPEC cuts, tight inventories

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The average price of regular gas in Delaware rose by five cents a gallon between Wednesday and Thursday amid news of production cuts by oil cartel OPEC.

Over the past week, the price at the pump has by a dozen cents, dashing hopes of $3 a gallon gas.

According to data from the Energy Information Administration (EIA), gas demand increased nationally from 8.32 million barrels a day to 8.83 million barrels a day last week.

Total domestic gasoline stocks decreased by 2.4 million barrels to 212.2 million barrels. If demand remains robust as supply tightens, drivers should brace for rising pump prices, AAA reported.

The auto club also reported that gas prices vary widely around the country, with $6 a gallon as in California, due to refinery maintenance. A fire at a Midwestern refinery contributed to higher prices in that region.

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Crude oil prices on the NYMEX exchange were above $88 a barrel as of Thursday morning.

Lower prices were available with the Costco near Christiana Mall, Newark, posting a $3.20 a gallon price, according to AAA’s Fuel Price Finder.

Wawa, which has the most fuel stops in Delaware, has raised gas prices by 10 cents a gallon at many locations in recent days.

Delaware average gas prices

Time frameRegularMid-GradePremiumDiesel
Current Avg.$3.443$3.859$4.154$4.743
Yesterday Avg.$3.389$3.809$4.076$4.702
Week Ago Avg.$3.324$3.775$4.070$4.677
Month Ago Avg.$3.556$4.062$4.331$4.745
Year Ago Avg.$3.111$3.494$3.709$3.331
From AAA
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