A little holiday cheer as gas prices fall

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Motorists flocked to Speedy Gas near Newark after the station cut its gas price to $3.30

Gasoline prices continued to fall over the past week as generous supplies and weakening economies overseas  made  life a little easier for motorists.

Figures from from AAA Mid-Atlantic indicated that the average price at the pump for regular gas in Delaware ranged from nearly $3.30 in Middletown to $3.38 in the Wilmington and Rehoboth areas.

That was a few pennies below last week’s average prices, but still above the $2.20 to $2.25 reported a year ago.

AAA previously reported that prices have fell about 50 cents a gallon  since December, with prices also returning to previous levels in the area of New Jersey and New York hit by Sandy.

AAA also predicted that the national average price of gas will slowly drop through the end of the year and average between $3.20-$3.40 a gallon by New Year’s Day. To date, the lowest daily average of the year was $3.28 a gallon from Jan. 1.

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Problems in the Middle East and the so-called fiscal cliff, have led to ups and downs in crude oil prices. The lack of an agreement on a budget deal that would avert the fiscal cliff might actually hold up oil prices. That is because a budget deal would ease  fears of  a recession that might come if automatic spending cuts and tax hikes  are triggered. A recession would trigger lower oil prices by cutting demand.

 

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