The Week
Pump prices, both locally and nationally, have increased this week, while gas demand decreased slightly last week, according to new data from the Energy Information Administration (EIA). In the Delaware Valley, the state of Delaware is the only standout, with a statewide average price dropping by a penny in the last week. Total domestic gasoline supplies increased and total crude utilization across domestic refineries took a small step forward.

Today’s national gas price average is $2.45, up three cents in the last week, up 19 cents in the last month, and unchanged 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 $56.85 per barrel, $4.65 higher than last Friday’s close and the highest settlement price of the year. Crude prices rose this week after the Organization of the Petroleum Exporting Countries (OPEC) and its production reduction agreement partners met to review compliance with their agreement to collectively reduce their crude production by 7.2 million barrels per day. The group decided to hold the cuts steady and expects output to remain low this year, since demand is forecast to be lower than expected throughout 2021 due to ongoing crude demand concerns as the pandemic continues to keep travel restrictions in place. Crude prices have also been bolstered by EIA’s latest report showing that total domestic crude inventories dropped last week.

The Weekend
“Local drivers have seen increases of at least two cents at the pump this week,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “An increase in crude utilization and increasing crude prices have and will continue to contribute to higher pump prices for drivers throughout the month.”

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 12, 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.