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Gas prices up

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The national gas price now averages $2.37 per gallon after pump prices went up three cents last week for a total of 17 cents per gallon since a month ago.

Delaware prices averaged $2.39 Sunday, nine cents more than last week and 50 cents more than a year ago, according to AAA.

Crude oil closed above $52 a barrel every day last week, after OPEC brokered a deal with producers to cut production by 1.8 barrels a day to rebalance the global oil supply.

“Locally, gas prices have continued to climb, with some areas as much as 10 cents higher than last week,” said Jana L. Tidwell, manager of public and government affairs for AAA Mid-Atlantic. “The price of oil and high demand for gasoline over the New Year’s holiday weekend contributed to the increase.”

Moving into 2017, retail gasoline prices will continue to hinge on the ability of cartel countries to successfully implement oil production cuts, but retail averages are likely to increase leading up to the summer driving season as seasonal refinery maintenance gets underway this spring.  In addition, traders will continue to monitor whether participating countries adhere to the OPEC agreement and the rate at which U.S. gasoline production increases.

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