The Week
Delaware Valley drivers saw less pump price activity this week but are paying the same amount or slightly more than one week ago. In the new weekly report from the Energy Information Administration (EIA), gas demand grew but is below last year’s rate in early October. Lower demand, even as total domestic stocks decreased, has helped pump prices to mostly hold steady this week. Pump prices will likely decline as demand drops due to fewer road trips taken in the fall. Philadelphia 5 county, South Jersey and Delaware drivers are paying at least 10 cents less than this same time last year.

Today’s national gas price average is $2.18, down a penny in the last week, down three cents in the last month, and down 46 cents from this time last year.

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 $40.60 per barrel, $3.55 higher than last Friday’s close. Domestic crude prices increased due to market concerns around Hurricane Delta’s impact on the Gulf Coast region. Multiple major refineries in the path of the storm made preparations this week prior to the Category 2 Hurricane’s landfall in Louisiana Friday evening. Any pump price impacts are expected to be contained to the region. 

The Weekend
“Local gas prices increased slightly in some areas of the Delaware Valley this week,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “As the damage caused by Hurricane Delta is assessed in the next few days, the impact it may have on gas prices will be better understood.”

The Week Ahead
The EIA cited that their October Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused changes in energy demand and supply patterns in 2020 and will continue to affect these patterns in the future.

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, October 16, 2020

Follow us on Twitter: @AAAPhillyNews

AAA provides automotive, travel and insurance services to 60 million members nationwide and more than 3.2 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.  The not-for-profit, fully tax-paying member organization works on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel and track their roadside assistance service with the AAA Mobile appss for iPhone, iPad and Android.  For more information, visit www.AAA.com.