Gas prices drop as Midwest refinery goes back into operation

27
Advertisement

After suddenly spiking more than a dime two weeks ago, the national average for a gallon of gas had a calm week, hovering around $3.27 a gallon.

News that the large BP-Whiting refinery in Indiana, offline since early February due to power issues, is reopening soon may have contributed to easing pump price nerves. The refinery processes nearly 440,000 barrels of crude daily, about three times as much as PBF’s Delaware City refinery. The shutdown caused gasoline prices throughout the Midwest to rise and influenced the national average. 

Delaware gas prices have decreased by about our cents a gallon in the past week. Prices could drop further with some locations of price leaders, such as Wawa and Royal, now charging $2.20 a gallon, down a dime from earlier in the week.

Bargains were available with membership clubs BJ’s and Costco offering gas at around $3 a gallon in northern Delaware. Membership typically move more slowly in raising and lowering gas prices.

The gas price average in Delaware was up about 16 cents from a year ago and eight cents ahead of a year ago.

Advertisement

Delaware Saturday gas prices

TimeframeRegularMid-GradePremiumDiesel
Current Avg.$3.218$3.724$4.032$4.121
Yesterday Avg.$3.223$3.719$4.036$4.127
Week Ago Avg.$3.262$3.743$4.061$4.168
Month Ago Avg.$3.064$3.565$3.848$3.859
Year Ago Avg.$3.138$3.583$3.852
From AAA

“Old man winter is shuffling toward the exit, and with milder weather and longer days looming, the seasonal rise in gas prices is primed to begin,” said Andrew Gross, AAA spokesperson. “But it will probably be a slow, wobbly start to rising prices.”

According to new data from the Energy Information Administration, gas demand remained mostly flat at 8.2 million barrels a day last week. Total domestic gasoline stocks declined slightly by 300,000 barrels to 247 million barrels. Flat demand, amid falling supply, helped to stabilize prices.

At the end of Friday’s trading, crude oil was trading below $77 a barrel. Prices continue to be driven by a softer dollar and continuing attacks in the Red Sea, causing the market to remain concerned that shipping routes will be hindered as hostilities linger. Still, total domestic commercial crude stocks increased by 3.6 million bbl to 443 million bbl last week, AAA reported.

Advertisement
Advertisement