Gas prices down slightly, but remain at 3-year high

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Gas prices fell three cents a gallon in Delawareduring the past week

It came as the Energy Information Administration (EIA) reported a sizeable increase in East Coast gasoline stockpiles and a drop in demand that put downward pressure on prices.

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CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
12/3/2017 Week Ago Year Ago
National $2.48 $2.51 $2.18
Pennsylvania $2.75 $2.77 $2.39
Philadelphia (5-county) $2.73 $2.75 $2.40
Wilkes-Barre $2.73 $2.74 $2.41
Bloomsburg $2.78 $2.81 $2.43
South Jersey $2.46 $2.49 $2.25
Delaware $2.39 $2.42 $2.22
Crude Oil
$58.36per barrel
(Fri. 12/1/17 close)
$58.95per barrel
(Fri. 11/24/17 close)
$54.98 per barrel

At the close of tradingon Friday, West Texas Intermediate (WTI) crude oil settled at $58.36 per barrel, 59 cents lower than the previous week.

According to AAA stats, Delaware gas prices were as low as $2.20 a gallon at an unbranded station near Newark, with $2.30 a gallon prices in Rehoboth-Lewes, an area that has seen an influx of Wawa and Royal Farms stations.

The Organization of Petroleum Exporting Countries (OPEC) met Thursday and agreed to extend production cuts through all of 2018, with another meeting in June to review the agreement’s progress. Both the Saudis and Russians made statements emphasizing their commitment to further reducing oversupply, and the official OPEC statement hinted at talks of caps on Libyan and Nigerian production.

“Prices at the pump should slowly decline through the holiday season, as colder temperatures, the threat of inclement weather and online shopping take a bite out of the demand for gasoline,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA expects to see gas prices trend lower through the end of the year, decreasing as much as 20 cents per gallon in some areas.”

While AAA does expect gas prices to decline between now and the end of the year, motorists will still pay the highest December gas prices since 2014.

In addition, motorists can expect gas prices to continue to trend cheaper the first few months of 2018, with potential to see the national gas price average in the $2.25-$2.35 range by February.

For gas prices in your neighborhood, log on to AAA’s Fuel Price Finder(http://www.AAA.com/fuelfinder).

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