Gas prices near another record high
Gas prices in Delaware are nearing a record-breaking high,
The current high watermark is $4.28 reached on March 10.
“We are six cents away from tying that record high price, and dare I say seven cents away from breaking that record.” says AAA MidAtlantic spokesperson Jana Tidwell.
Thursday morning, the average price for a gallon of regular was $4.22, a 4 cent increase overnight, and a 22 cent increase over the last week.
Tidwell says those numbers are a bit of a local anomaly.
“That is a bit high for a week over week increase,” she said. “When you look at other states around us, Pennsylvania and New Jersey, they’re looking at an 8 cent increase week over week.”
Tidwell says this could be due to travelers who are starting to make their way to Delaware for the summer. And when summer begins, she predicts the prices could go up even more.
On top of that, a recent AAA poll found that 35% of Delawareans plan to travel more this summer than last, mostly due to loosening COVID restrictions.
“People are ready to travel again and that’s what they’re telling AAA,” Tidwell said. “People feel safe, they feel confident, and despite higher gas prices, people still plan to travel this summer.”
It also found more than 35% of Delaware residents say gas prices are not a consideration in their travel planning — but almost 50% plan fewer or shorter trips, and almost 20% say they will adjust their lodging or dining budgets because of gas prices.
And for the 26% of Delawareans who are staying home or are undecided, more than a third say it’s due to gas prices.
Tidwell also notes a significant number of residents planning international travel, something she says she hasn’t seen since 2019.
Tidwell also explains that the market volatility is mainly fueled by Russia’s ongoing invasion in Ukraine. Since then, prices have been “yo-yo-ing.”