Gas Prices Edge Higher as February Kicks Off

The month of February is kicking off with slightly higher gas prices. According to AAA, the national average for a gallon of regular is up a couple of cents from last week at $2.89. Gasoline demand is down, as fewer drivers hit the road during the recent winter storms. But this is the time of year when pump prices start nudging higher, as spring approaches and refineries start making the switch to summer-blend gasoline production. Current prices remain below what they were this time last year when the national average was $3.12. The Delaware gas price average is $2.92 today, down a penny in the last week and 17 cents lower than one year ago. The South Jersey gas price average is $2.84 today, up 6 cents in the last week and down 18 cents compared to one year ago. The national EV cost average is $0.38  Per kWh of electricity at an L2 commercial charging station–same as last week, while in Delaware the average is unchanged at $0.31 Per kWh of electricity. At the close of Wednesday’s formal trading session, WTI rose $1.93 to settle at $65.14 a barrel. The EIA reports crude oil inventories decreased by 3.5 million barrels from the previous week. At 420.3 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.