Pump Prices Rising Amid Middle East Conflict and Demand During Spring Break Season


Price at the pump continue to rise in connection with the war in the Middle East. According to AAA, crude oil prices remain high as the Iran conflict nears the 4-week mark. The national average could reach $4/gallon in the coming days for the first time since August 2022. Gasoline demand is also on the rise as spring break season continues, another factor in surging pump prices. The national average for a gallon of regular gasoline is $3.98 today up 10 cents from last week and one dollar since last month. The Delaware gas price average is $3.85 today, up 10 cents in the last week and 89 cents higher than one year ago. The South Jersey gas price average is $3.86 today, up 6 cents in the last week and up 94 cents compared to one year ago. The national average per kilowatt hour of electricity at a public EV charging station remains unchanged at 41 cents. and unchanged at 36 cents in Delaware.

 

Additional Information from AAA:

According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.72 million b/d to 8.92 million. Total domestic gasoline supply decreased from 244 million barrels to 241.4 million. Gasoline production increased last week, averaging 9.7 million barrels per day.

 

At the close of Wednesday’s formal trading session, WTI fell $2.03 to settle at $90.32 a barrel. The EIA reports crude oil inventories increased by 6.9 million barrels from the previous week. At 456.2 million barrels, U.S. crude oil inventories are about 0.1% above the five-year average for this time of year.

 

The Weekend

“Drivers are seeing prices climb quickly as global oil markets react to ongoing conflict in the Middle East,” said Jana Tidwell, spokesperson for AAA Club Alliance. “With crude oil hovering near $100 per barrel and demand increasing with spring travel, pump prices are under significant upward pressure. If these trends continue, drivers should be prepared for gas prices to approach — or even exceed — the $4 mark in the days ahead.”

 

AAA has a variety of resources to help motorists save on fuel: