Jana Tidwell
Public Relations Manager, PA
O: (302) 299-4426
C: (302) 353-6563
jtidwell@aaamidatlantic.com

Kathleen Zinszer
Sr. Public Aff. Specialist, PA/DE
O: (302) 299-4168
C: (610) 291-7312
KZinszer@aaamidatlantic.com

AAA Mid-Atlantic: Higher Crude Prices and Philadelphia Refinery Shut-Down
Sends Gas Prices Higher

Despite the hike, local gas prices remain at least 10 cents lower than last year

The Week

Local drivers are paying more at the pump just ahead of the Independence Day holiday as a result of increasing crude oil prices and the closure announcement of the Philadelphia Energy Solutions (PES) refinery in Philadelphia following a massive fire one week ago. Both factors have contributed to local prices jumping as much as eight cents in the last week. While AAA anticipates further gas price increases, it is unclear at this time just how much that could be.

Today’s national gas price average is $2.70, which is up four cents in the last week, down 12 cents in the last month, and is 15 cents less than last year’s price.

CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

 

 

 

6/28/19

 

Week Ago

 

Year Ago

 

National

 

$2.70

 

$2.66

 

$2.86

 

Pennsylvania

 

$2.90

 

$2.82

 

$2.99

 

Philadelphia
(5-county)

 

$2.91

 

$2.88

 

$3.03

 

South Jersey

 

$2.70

 

$2.62

 

$2.77

 

Delaware

 

$2.54

 

$2.47

 

$2.67

 

Crude Oil

 

$58.47
per barrel
(Fri. 6/28/19 close)

 

$57.43
per barrel
(Fri. 6/21/19 close)

 

$74.15
per barrel
(6/29/18)

 

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $58.47 per barrel, $1.04 higher than last Friday’s close. In the past two weeks, oil prices have increased by 11 percent. Oil increased by more than two percent Wednesday following the Energy Information Administration’s (EIA) latest report, showing a larger-than-expected drop in crude inventories.  Tensions in the Middle East as well as the U.S. and China trade deal waiting game are also keeping prices in question.

The Weekend

“The closure of the PES refinery, the largest on the East Coast, will likely have a temporary impact on gas prices in and around our region, though it is too early to know how much prices could increase or for how long, especially during the peak summer driving season,” said Jana L. Tidwell, manager of Public and Government Affairs at AAA Mid-Atlantic. “Motorists in the region will likely continue to see modest increases in pump prices – especially leading up to what is expected to be a high-demand travel period for the Fourth of July.”

The Week Ahead

More Americans than ever recorded by AAA, nearly 49 million, are making plans to honor the red, white and blue with an Independence Day getaway this year, 4.1 percent or 2 million more than last year.  Of those traveling, 41.4 million or 85 percent will go by car, representing a 4.3 percent over last year.  Despite various factors pushing pump prices slightly higher, motorists will likely enjoy lower gas prices than Memorial Day and Independence Day 2018.

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

AAA is the most comprehensive resource for gas prices.  Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at  ###

Follow us on Twitter: @AAAPhillyNews

Mailing Address:
7777 Brewster Avenue
Philadelphia, PA 19159

AAA provides automotive, travel and insurance services to 57 million members nationwide and more than three million members in Pennsylvania.  AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years.  The not-for-profit, fully tax-paying member organization works on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel and track their roadside assistance service with the AAA Mobile app for iPhone, iPad and Android.  For more information, visit www.AAA.com.

TEDx Wilmington Salon

Who's in the Driver's Seat? The Transformation of Transportation

On Tuesday, October 17, 2017, AAA and TEDx Wilmington held the first TEDx Salon dedicated to ideas worth spreading in transportation.

This event had:

  • 12 live talks given by 13 speakers
  • 368 people in attendance at the live event
  • More than 7,500 viewed the event online through Livestream, viewing events, and on the AAA Associate network
  • Online viewers came from all 50 states and approximately 30 countries around the world

View a slideshow from the event

This TEDx WilmingtonSalon was organized in partnership with AAA

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