The Week
The national gas price average increased by three cents in the last week, despite a decline in gasoline demand, according to new data from the Energy Information Administration (EIA). Across the Delaware Valley, most areas have seen prices move very little and even drop a bit (Delaware). Although gas demand dropped and total refinery utilization decreased, pump prices have increased in some states, signaling that expensive crude oil prices are driving the price. Gas prices are likely to see moderate increases, as crude prices remain high, through the weekend.

Today’s national gas price average is $2.42, up three cents in the last week, up 17 cents in the last month, and down seven 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 $52.20 per barrel, seven cents lower than last Friday’s close. EIA’s new weekly report prompted crude price increases earlier this week after it showed total domestic crude inventories declined last week, the largest weekly decline since late July 2020. However, price gains continue to be limited by ongoing market concern that crude demand may take more time than expected to recover this year due to new coronavirus infections and associated travel restrictions.

The Weekend
“Local motorists have seen little movement at the pump this week, in contrast to other states around the country,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Although the price increase seems to be slowing locally, continued higher crude oil prices could sustain gas prices rather than seeing them drop as they typically do during winter months.”

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 5, 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.