Local Gas Prices Fluctuate as Demand Increases and Crude Oil Prices Drop

The Week
Philadelphia, South Jersey and Delaware drivers have seen some ups and downs at the pump this week. While some areas have dropped a penny or so during the week, Delaware’s gas average dropped 5 cents since last Friday. South Jersey and Philadelphia averages are unchanged. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand increased last week - a demand reading very robust for peak driving season, but 2% higher than the same time period in 2019. These trends, combined with high crude prices, have helped to increase pump prices. As crude prices remain high, though back below $70 per barrel, AAA expects the national average to remain above $3 per gallon throughout the summer.

Today’s national gas price average is $3.18, up two cents from one week ago, five cents higher than one month ago and $1 more than one year ago. 

]CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $68.28 per barrel, $5.67 lower than last Friday’s close. After dropping below $70, prices increased on Thursday due to tension in the Middle East, which heightened after Israeli military jets struck alleged rocket launch sites in Lebanon. The price increase comes after crude prices declined for three days due to market concerns about the impact of rising global COVID-19 infection rates on crude demand. Crude prices also declined after EIA’s latest report showed that total domestic crude stocks increased last week.

The Weekend
“As crude prices change and gasoline demand increases heading into the end of the summer driving season, the slight break some local drivers are seeing at the pump may be short-lived,” said Jana L. Tidwell, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “The rise in COVID cases worldwide may push crude prices higher, leading to an increase in prices at the pump.”

AAA has a variety of resources to help motorists save on fuel:

• Shell Fuel Rewards Program for AAA Members: (https://www.AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.
• Fuel Price Finder (https://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
• AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses.
• TripTik Mobile (https://www.aaa.com/mobile) plots fuel prices along your travel route.
• AAA's Member Rewards Visa® Credit Card  (https://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.

AAA is the most comprehensive resource for gas prices. Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.

Next Weekend Gas Watch: Friday, August 13, 2021

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AAA provides automotive, travel, and insurance services to more than 62 million members nationwide and more than three million members in Pennsylvania.  AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years.  AAA is a non-stock, membership corporation working on behalf of motorists, who can map a route, access a COVID travel restriction map, find local gas prices and electric vehicle charging stations, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android.  For more information on joining or renewing a Membership, visit www.AAA.com.