With the summer driving season coming to an end, gas prices are dropping.Gas prices in Delaware fell four cents a gallon over the past week to $2.09. Prices are down 20 cents from a year ago.
As of Sunday, averages across several states in the region have already fallen below $2 per gallon. New Jersey ($1.98) has the fourth lowest average in the nation and Virginia ($1.99), has the sixth lowest average in the nation.
New research released this week from the AAAFoundation for Traffic Safety finds that more than 87.5 percent of Americans aged 16 years and older reported driving in the past year. During this time, drivers traveled nearly 10,900 miles on average and spent more than 290 hours on the road or 12.2 days per year.
However, newer vehicles with greater fuel efficiency held down gas consumption.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 9/11/2016 | Week Ago | Year Ago | |
| National | $2.18 | $2.21 | $2.36 |
| Pennsylvania | $2.32 | $2.34 | $2.45 |
| Philadelphia (5-county) | $2.29 | $2.32 | $2.45 |
| South Jersey | $1.94 | $1.96 | $2.04 |
| Wilkes-Barre | $2.34 | $2.36 | $2.41 |
| Delaware | $2.09 | $2.13 | $2.29 |
| Crude Oil |
$45.89 per barrel (09/09/16)
|
$44.44 per barrel (09/02/16)
|
$44.15 per barrel (09/09/15) |
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate crude oil closed at $45.89 per barrel.
This week’s price spike was the result of the Energy Information Administration’s weekly report reflecting the largest drawdown in oil inventories since 1999 due to Hurricane Hermine disrupting shipping and output in the Gulf of Mexico.
However, overall the forces driving the market continue to be the strength of the U.S. dollar about other global currencies and the potential for OPEC and non-OPEC members to agree to a freeze in oil production when countries meet in Algiers later this month.
“With the conclusion of the summer driving season, lower demand combined with the changeover to cheaper-to-produce winter blend gasoline likely mean prices will move lower over the next several months barring any unexpected impact on production during the rest of hurricane season,” said Jana Tidwell, Manager of Public and Government Affairs for AAA Mid-Atlantic.
Barring any unexpected impact to production or distribution, prices in the region should continue to drop in September due to a decrease in demand and the switch over to less costly winter-blend fuel on September 15.
According to the Oil Price Information Service (OPIS), “Drivers in the U.S. are expected to see some price relief at the gasoline pumps as retail prices are set to continue to fall over the next few months.” The U.S. Energy Information Administration Short-Term Energy Outlook reports that “U.S. regular gasoline retail prices are expected to decline from an average of $2.18/gallon (gal) in August to $1.92/gal in December.”
Motorists can check out local gas prices at AAA.com/fuelfinder).
