Mid-Atlantic motorists continue to see gas prices take a bite out of their budget.
AAA Mid-Atlantic reports the average price for a gallon of regular in the First State Monday stands at $2.89. That’s up 3 cents from a week ago and 19 cents over the past month.
AAA says there’s multiple reasons for the increase.
Gasoline inventories dropped last week, while demand for fuel is expected to increase for the upcoming Memorial Day holiday weekend.
And the price of oil remains above $71 per barrel, $20 higher than this time last year. Triple-A says oil prices climbed to new 2018 highs last week, following President Trump’s decision to re-impose economic sanctions on Iran and withdraw the U.S. from the Iran Nuclear Deal.
Prices in the First State are still cheaper than the rest of the region. In Pennsylvania, gas is $3.08 a gallon and in New Jersey, gas is averaging $2.99 a gallon to start the week.
Today’s national gas price average is $2.93, which is up a penny overnight and up six cents in the last week.
