Kathleen Zinszer
Sr. Public Aff. Specialist, PA/DE
O: (302) 299-4168
C: (610) 291-7312
KZinszer@aaamidatlantic.com

The Week
After a busy holiday weekend on the roadways, gas prices throughout the Delaware Valley have seen very little change. The Philadelphia 5-county region and South Jersey saw an increase of a penny over the last week, while Delaware saw an increase of three cents. According to new data from the Energy Information Administration (EIA), gas demand showed a slight increase last week as well as a drop in gasoline supply. However, an increase in crude oil supply may be holding prices steady at the pump.

Today’s national gas price average is $2.19, up a penny in the last week, up 12 cents in the last month and down 56 cents from this time last year.

CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

 

7/10/20

Week Ago

Year Ago

National

$2.19

$2.17

$2.75

Pennsylvania

$2.44

$2.43

$2.90

Philadelphia
(5-county)

$2.40

$2.39

$2.93

South Jersey

$2.14

$2.13

$2.76

Delaware

$2.17

$2.14

$2.59

Crude Oil

$40.55
per barrel
(Fri. 7/10/20 close)

$40.65
per barrel
(Thurs. 7/2/20 close)

$60.21
per barrel
(7/12/19)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $40.55 per barrel, 10 cents less than last Thursday’s close. Markets were closed last Friday. Domestic crude prices pushed lower after EIA’s weekly report revealed that total domestic crude inventories increased. Increasing crude stocks could mean that crude production is still too high.

The Weekend
“This week’s subtle change in prices at the pump is due to a dip in demand and an increase in supply,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Demand for gasoline may fluctuate in the coming weeks due to reports that coronavirus cases have increased in some states, which could impact pump prices.”

The Week Ahead
The EIA Short-Term Energy Outlook (STEO) reports travel reductions related to COVID-19 have resulted in sharp reductions in crude oil prices and demand for gasoline in the United States during the second quarter of 2020, which have significantly reduced prices for gasoline. The STEO notes the retail price of regular gasoline in the United States will average $2.06 per gallon during the third quarter of 2020, 59 cents per gallon lower than at the same time last year. The U.S. regular gasoline retail price, which averaged $2.60 per gallon in 2019, is forecast to average $2.11 per gallon in 2020 and $2.23 per gallon in 2021.

AAA has a variety of resources to help motorists save on fuel:

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 17, 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.

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TEDx Wilmington Salon

Who's in the Driver's Seat? The Transformation of Transportation

On Tuesday, October 17, 2017, AAA and TEDx Wilmington held the first TEDx Salon dedicated to ideas worth spreading in transportation.

This event had:

  • 12 live talks given by 13 speakers
  • 368 people in attendance at the live event
  • More than 7,500 viewed the event online through Livestream, viewing events, and on the AAA Associate network
  • Online viewers came from all 50 states and approximately 30 countries around the world

View a slideshow from the event

This TEDx WilmingtonSalon was organized in partnership with AAA

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