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

 The Week
Although the Gulf of Mexico is more than one thousand miles from the Delaware Valley, Hurricane Laura’s landfall there early Thursday, coupled with an increase in demand for gasoline, has made an impact on local gas prices. In the last week, the average price for a gallon of regular unleaded gasoline has jumped seven cents in the Philadelphia 5 county region, eight cents in South Jersey and seven cents in Delaware. As damage is assessed in the Gulf, AAA will have a better idea of how long motorists in impacted areas and beyond will see more expensive prices.

Today’s national gas price average is $2.23, up five in the last week, up five cents in the last month, and down 35 cents from this time last year.

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

 

8/28/20

 

Week Ago

 

Year Ago

 

National

 

$2.23

 

$2.18

 

$2.58

 

Pennsylvania

 

$2.51

 

$2.43

 

$2.73

 

Philadelphia
(5-county)

 

$2.46

 

$2.39

 

$2.78

 

South Jersey

 

$2.20

 

$2.12

 

$2.52

 

Delaware

 

$2.27

 

$2.20

 

$2.37

 

Crude Oil

 

$42.97
per barrel
(Fri. 8/28/20 close)

 

$42.34
per barrel
(8/21/20)

 

$55.10
per barrel
(8/30/19)

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $42.97 per barrel, 63 cents higher than last Friday’s close. Domestic crude prices decreased Thursday despite the Energy Information Administration’s (EIA) weekly report revealing that total domestic crude inventories decreased last week. However, total inventories are 80 million barrels higher than where they were during this time in August 2019. The higher level will help to stabilize crude prices, as 84% of crude production takes place in the Gulf of Mexico. 

The Weekend
“Earlier this week, pump prices jumped in anticipation of the disruption to operations at refineries and gasoline distribution along Hurricane Laura’s path,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “However, ample gasoline stock levels should contain any significant pump price increases to impacted areas while the rest of the country sees minimal change.”

The Week Ahead
Ahead of Hurricane Laura’s landfall, hundreds of production platforms and almost a dozen oil rigs were shuttered. Gas and oil prices will be dependent on how quickly U.S. refining in the Gulf Coast is restored. Early estimates are positive that supply will remain adequate as refineries and oil rigs resume full operation.

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, September 4, 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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