AAA Mid-Atlantic: Gas Prices Show Slight Weekly Increase

The Week

Gas prices across the Delaware Valley increased this week as gasoline supplies, crude oil supplies and demand for gasoline all dipped. The drop in gas and oil supplies could send prices higher while the drop in demand could keep that increase from being as high as it could be. Even though prices are increasing, Philadelphia drivers are paying 52 cents less than one year ago, South Jersey drivers are paying 59 cents less and Delaware drivers are paying 40 cents less.

Today’s national gas price average is $2.20, up a penny in the last week, up 10 cents in the last month and down 59 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 $40.59 per barrel, four cents higher than last Friday’s close. Prices hovered between $40 and $42 this week, ending at a more than four-month high Wednesday ($41.20). Domestic crude prices fell after the Energy Information Administration’s (EIA) weekly report revealed that total domestic crude inventories decreased. Decreasing crude stocks could mean that crude production is beginning to meet demand and could reduce price volatility, as coronavirus outbreaks continue to grow worldwide.

The Weekend

“Data shows gasoline demand and supply continue on a roller coaster ride,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “As motorists react to unfolding COVID-19 information, we are seeing driving behaviors related to filling-up ebb and flow.” 

The Week Ahead

According to new data from the Energy Information Administration (EIA), total domestic gasoline supplies decreased last week.  As supplies tighten, prices could continue to rise, depending on demand. Last week, demand for gasoline fell slightly, following the Fourth of July holiday weekend.

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, July 24, 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.