AAA reported the price of gas in Delaware rose about three cents a gallon during the past week but remained unchanged during much of the Memorial Day weekend
The price of the pump is up about six cents from a month ago and more than $1 below the same period a year ago.
“The rise in demand for gasoline is helping to push pump prices higher for now,” said Andrew Gross, AAA spokesperson. “But the increase is mitigated by the low cost of oil, which is wobbling around in the low $70s per barrel. Pump prices could stabilize or fall once this long weekend is in the rearview mirror.”
|Week Ago Avg.||$3.460||$3.887||$4.155||$3.774|
|Month Ago Avg.||$3.426||$3.905||$4.154||$3.861|
|Year Ago Avg.||$4.597||$4.944||$5.207||$5.950|
AAA forecasts that Memorial Day road trips were up 6% over last year, with more than 37 million Americans driving to their destinations
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.91 to 9.43 million barrels a day last week. Rising demand helped to boost prices. Meanwhile, total domestic gasoline stocks decreased by two million barrels to 216.3 million bbl. If gas demand grows amid tighter supplies, drivers will likely see pump prices rise.
Despite higher crude oil prices, gas prices were capped due to the market also expecting another interest rate increase from the Federal Reserve, which could result in the economy tipping into a recession. If the economy enters a recession, oil demand and prices would likely decline.