Gas Prices Continue to Rise with the New Year
Demand for gasoline has increased – and the price at the pump has increased as well. The national average has increased 12 cents to $3.29 a gallon since the start of the new year – but is still 1 penny less than a year ago. In Delaware the price is at $3.33 – 21 cents higher than last week and 10 cents higher than a year ago. AAA Mid-Atlantic officials say that as demand remains strong and gasoline stocks remain tight – we could see the price at the pump continue to rise as the New Year gets into full swing – but a return to seasonal driving patterns could slow the increase in prices.
Additional information from AAA Mid-Atlantic: At the close of Friday’s formal trading session, WTI settled at $73.77 down 8% on the week. Crude prices have declined this week amid ongoing global economic concerns due to rising COVID-19 cases in China. If oil demand drops, as the economy falters, crude prices will likely follow suit.