Gas Prices Increase Nationally, but Hold Steady in Delaware
The price at the pump nationally has increased by 2 cents from a week ago to $3.16. A year ago the price was $2.20! In Delaware, the price has remained steady at $2.98. Peak summer driving season is in full-swing and gas prices are not backing down. Triple A Mid-Atlantic officials report that there is a potential OPEC agreement on production increases this summer, which could bring lower pump prices if it happens.
In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand decreased from an all-time high last week. The decrease, alongside an increase in total domestic gasoline stocks, has helped to slow pump price increases. However, with oil prices above $70 per barrel, pump prices will likely remain high (above $3 per gallon) throughout the busy summer driving season.