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:

• 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 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.