The Week

Since February 1, gas prices across the Delaware Valley have increased by at least 19 cents. Pennsylvania is now seven cents away from the $3 mark while the Philadelphia 5 county region is just 11 cents short. The national average for a gallon of regular gasoline has increased by 27 cents since the start of the month, increasing nine cents just this week. Gas prices locally and nationally have increased due to longer-than-expected refinery outages as a result of last week’s winter storm that impacted the Gulf Coast.

Today’s national gas price average is $2.69, up nine cents in the last week, up 29 cents in the last month, and up 22 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 $61.50 per barrel, $2.26 higher than last Friday’s close. At the close of Thursday’s formal trading session, WTI settled at $63.52 — the highest settlement price since May 2019. Crude prices have increased this week due to growing market optimism that as vaccines become more available, crude demand will recover. Prices continue to increase despite the Energy Information Administration’s new weekly report revealing that total domestic crude inventories increased by 1.3 million barrels last week, however, if market optimism continues to increase, crude prices will likely end the week higher.

The Weekend

“Tri-state area gas prices have increased by at least five cents this week,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Until Gulf Coast refineries restart and resume normal operations, most drivers should expect pump prices to continue increasing through the 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, March 5, 2020

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.