War clouds, stronger demand send gas prices higher

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Delaware gas prices rose by about a dozen cents a gallon in the past week as crude oil prices spiked on fears of a wider Middle East war and continued attacks on Russian refineries.

“Renewed Ukrainian attacks on Russia’s oil infrastructure and increasing tension in the Middle East spiked oil prices recently,” said Andrew Gross, AAA spokesperson. “And with the cost of oil accounting for roughly 60% of what we pay at the pump, there will likely be some upward pressure on prices.”  Upward pressure on prices also occurs in the spring as refineries switch to more expensive summer-blend gasoline.

As of Monday afternoon crude oil was trading at around $86 a barrel, down a dollar.

In Delaware, the Costco and BJ’s membership clubs posted prices below $3.10 a gallon, with convenience store chains showing sharply higher prices. Kent County reported the lowest gas prices.

Monday gas prices

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TimeframeRegularMid-GradePremiumDiesel
Current Avg.$3.364$3.864$4.164$3.986
Yesterday Avg.$3.354$3.826$4.138$3.987
Week Ago Avg.$3.238$3.779$4.049$4.025
Month Ago Avg.$3.249$3.752$4.052$4.050
Year Ago Avg.$3.484$3.931$4.198$4.069
From AAA

According to new data from the Energy Information Administration, demand has recently rose from 8.72 to 9.23 million barrels a day. Meanwhile, total domestic gasoline stocks decreased by 4.2 million barrels to 227.8 million barrels.

Delaware’s gas prices remain around 20 cents lower than the national average.

To check out gas prices on your route, log on to AAA’s Fuel Price Finder.

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