Prices drop a bit as fears of $4 gas fade

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    Do you remember the price at the pump a year ago? 

    After taking a look at the AAA Fuel Price Finder, it turns out that we were paying an average of $3.96 a gallon for regular. Fast forward to Sunday and the average price has fallen to $3.80 a gallon and often much less. That’s more than a nickel below last week.

    Why the amnesia?

    A year ago, prices dropped and stayed down during the summer driving season as the economy adjusted to a gradual fuel price rise, with occasional spikes. Credit fuel thirsty economies in China, India and elsewhere for the increase, even though demand here remains sluggish

    Using the AAA Fuel Price Finder, or Gas Buddy on your computer or smartphone  is a good idea, especially if you have a large fuel tank. Gas as prices fell as low as $3.60 a gallon in the Bear-Christiana area, but ran as high as $3.73 a gallon a few miles to the east in the New Castle area.

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    Predictions that gas prices might rise as high as $4 a gallon and perhaps higher in the short term seem to be unlikely barring some international confrontation.

    Closer to home, news that an area refinery will be purchased by a unit of Delta Airlines and turn out jet fuel and gasoline eased fears of local shortages and price spikes. The sale revived hopes that Sunoco’s  idled Sunoco Marcus Hook complex  and a  Philadelphia refinery that will close if a buyer is not found could survive.

    Despite the modest drop at the pump, filling up the work or personal vehicle is still expensive.

    Based on Newark area fuel prices, filling a 15-gallon tank now runs close to $56, down less than $1 from a week ago and about $3 below a year ago.

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