Gas prices appear to be stabilizing, and even rising slightly, according to AAA Mid-Atlantic.
AAA says that the national average for regular unleaded today is $3.52 a gallon, up two cents over the last week. In Delaware, regular rose by four cents over the last week to $3.40 a gallon. In southern New Jersey, regular also went up by four cents, up to $3.27. On the Eastern Shore of Maryland, regular went up by a nickel, up to $3.28 a gallon.
Weak demand, high U.S. inventories, and poor manufacturing data out of China clashed with positive news about a drop in unemployment claims and a cut in interest rates by the European Central Bank to create a mixed week in crude oil, which closed Friday at $95.61 a barrel, up from $93 the week before. The Energy Information Administration reports that U.S. crude oil inventories rose by 6.7 million barrels up to 395.3 million, their highest levels since 1981. Gasoline demand is more typical for February than late April, according to the EIA.
AAA is still predicting that gas prices will drop to between $3.20 and $3.40 a gallon by the middle of the summer if current trends continue.
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