Gas Prices on the Rise in Delaware
WILMINGTON, DELAWARE – July 9, 2018
Delaware drivers saw an eight-cent average jump in the price of gasoline over the past week, based on figures from Wilmington-based AAA Mid-Atlantic. Prices now stand at $2.77.
Despite the year-over-year increase, prices remained 80 cents lower than 2014 when the average price was $3.66. That is still more than 50 cents higher than the same period a year earlier.
Gas prices in Delaware may be headed for the $3.00 a gallon mark, Delaware First Media said.
AAA says a shrinking global supply of crude oil supply and higher demand for gas in the summer –combined with sanctions being placed on Iran are pushing prices higher.
The good news for First State drivers is prices here remain the lowest in the region. A gallon of regular is already at $3.05 in the Philadelphia area, $2.83 in New Jersey and $2.84 in Maryland.
There are some places in Delaware that still have prices below $2.70. A dozen stations are selling a gallon of regular for $2.67 or less –mainly downstate.
The national average sits at $2.87, up two cents from a week ago. Today’s national gas price average has reached the highest price per gallon since November 2014. That year, pump prices averaged $3.34, peaking at $3.70 in April and bottoming out at $2.25 in December. This year’s pump prices will not be reminiscent of 2014, but for motorists, filling-up is packing an unwanted punch to wallets.
“Drivers should prepare themselves for the possibility of higher prices at the pump in the coming weeks,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA expects to see the national average for a gallon of gasoline head toward $3 as factors, including a shrinking global crude oil supply, continuing summer driving demand for gasoline and sanctions being placed on Iran create an unpredictable market.”
If U.S. demand remains strong, domestic and global supply decline and crude inventories continues to sell over $70 per barrel, motorists may see the national gas prices average to potentially jump back up to nearly $3 a gallon in coming months, the auto club reported.