Delaware gas prices inched upward as the busy Memorial Day weekend approached.
The price at the pump on Saturday was up about a nickel from a week ago but about a dime lower than a month ago when fears emerged about OPEC production cuts.
Delaware was again in the list of states with the most volatile gas prices, with a four-cent weekly jump. Price leaders in Delaware, often Wawa and Royal Farms, boost prices by five to 10 cents a gallon.
Delaware’s increase came as some states saw falling gas prices and a couple out west saw spikes.
A year ago, prices were about $1.20 a gallon higher due to supply concerns resulting from the Russian invasion of Ukraine.
Delaware’s price increases came despite weaker demand nationally.
|Week Ago Avg.||$3.379||$3.817||$4.083||$3.755|
|Month Ago Avg.||$3.540||$3.976||$4.252||$4.012|
|Year Ago Avg.||$4.606||$4.954||$5.208||$5.996|
“Despite mild weather and a less volatile economic forecast, drivers are not hitting the road and raising gasoline demand to traditional seasonal levels,” said Andrew Gross, AAA spokesperson. “It’s possible this is merely the lull before Memorial Day, but it could be a trend that lingers into summer. Stay Tuned.”
According to new data from the Energy Information Administration (EIA), gas demand declined from 9.30 to 8.91 million b/d last week. The drop has reduced pressure on prices. Meanwhile, total domestic gasoline stocks decreased by 1.4 million bbl to 218.3 million bbl. If gas demand continues to decrease, drivers could see pump prices follow suit.
Since last Thursday, 10 states have seen the largest changes in their averages: Utah (+20 cents), Michigan (+20 cents), Florida (−7 cents), Wisconsin (+5 cents), Kentucky (+5 cents), Iowa (+5 cents), Delaware (+4 cents), Arizona (−4 cents), Colorado (−4 cents) and Indiana (−3 cents).
Crude oil prices rose above $70 a barrel after worries about a recession led to a decline.