Delaware gas prices continued their uptick on Wednesday with the price of regular moving to $3.66 a gallon, AAA reported.
The price at the pump has risen eight cents from a week ago and about 26 cents during the past month.
One culprit appears to be rising crude oil prices as Saudi Arabia announced production cuts. Crude oil was trading at nearly $80 a barrel as of mid-week.
A stronger-than-expected economy could be another factor. The Federal Reserve’s continued effort to cut inflation led to another rate hike this week. Interest rates are now at a 22-year high. Gas prices had decreased on fears of a recession, leading to a drop in demand.
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.659 | $4.102 | $4.375 | $3.923 |
| Yesterday Avg. | $3.643 | $4.107 | $4.381 | $3.862 |
| Week Ago Avg. | $3.585 | $4.054 | $4.330 | $3.780 |
| Month Ago Avg. | $3.392 | $3.867 | $4.142 | $3.673 |
| Year Ago Avg. | $4.049 | $4.519 | $4.807 |
AAA reported that in some parts of the country, demand for gas appears to be softer due to high temperatures that keep people inside.
In northern Delaware, membership clubs Costco and BJ’s posted the lowest prices, typically below 43.50 a gallon.
Delaware operators have been given some breathing room in areas bordering Maryland, thanks to a recent increase in the Free State’s gas tax. Despite a gas tax that is more than 20 cents a gallon above Delaware’s figure, stations in Elkton and Salisbury have remained competitive with the Delaware price at the pump.
Local prices can be checked at AAA’s Fuel Price Finder.
Click on the headline below for a link to the My Take column on Delaware’s gas tax and pump prices that not matching up.
