Delaware gas prices have risen 12 cents during the past week as crude oil prices and announced production cuts by the Saudis and Russians weighed on crude oil markets.
The primary culprit is the surge in oil costs, which have jumped several dollars to hover around $90 per barrel.
“Oil costs are putting upward pressure on pump prices, but the rise is tempered by much lower demand,” said Andrew Gross, AAA spokesperson. “The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant. But the usual decline in pump prices is being stymied for now by these high oil costs.”
Saturday gas prices from AAA
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.680 | $4.172 | $4.456 | $4.553 |
| Yesterday Avg. | $3.662 | $4.150 | $4.444 | $4.529 |
| Week Ago Avg. | $3.561 | $4.074 | $4.367 | $4.362 |
| Month Ago Avg. | $3.753 | $4.198 | $4.472 | $4.204 |
| Year Ago Avg. | $3.351 | $3.850 | $4.130 | $4.647 |
Meanwhile, total domestic gasoline stocks jumped from 214.7 to 220.3 million barrels. Although gas demand has dropped, elevated crude oil prices have pushed prices higher.
Delaware was not on the top 10 list when it came to the biggest increases in the price of the pump. Minnesota had the dubious distinction of seeing the biggest price jump at 32 cents a gallon.
One source of bad news was the International Energy Agency’s September 2023 Oil Market Report, which indicated that production cuts from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will lead to an oil supply shortfall this fall and winter.