The Week

Gas prices across the Delaware Valley increased by up to eight cents in some areas over the last week. Increasing pump prices have been supported by higher crude oil prices and gas demand, which grew slightly last week, according to new data from the Energy Information Administration (EIA). Pump prices continue to rise despite the overall sustained lower demand and EIA’s latest report showing that total domestic gas stocks grew. Based on current trends, drivers will likely see pump prices continue to increase ahead of spring.

Today’s national gas price average is $2.50, up five cents in the last week, up 17 cents in the last month, and up eight 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 $59.47 per barrel, $2.62 higher than last Friday’s close and the highest settlement price of the year. Although market concern regarding crude demand pushed prices slightly lower Thursday, crude prices have increased this week, reaching the highest daily settlement price since January 2020 on Wednesday at $58.68. The price increase occurred after EIA’s weekly report revealed that total domestic crude inventories decreased, while total refinery crude utilization increased slightly last week.

The Weekend

“Local drivers have seen increases of between two and eight cents at the pump this week,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude and pump prices are likely to continue to move higher as crude inventories continue to drop and utilization increases.”

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, February 19, 2020

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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.