Gas prices in the state fell to as low as $2 a gallon as crude oil prices dropped.
Wilmington-based AAA Mid-Atlantic reported an average price of $2.11 a gallon on Sunday. However, there were reports of gas prices as low as $1.99 a gallon in Dover, according to the GasBuddy site and $2 in areas of new Castle County.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 7/10/2016 | Week Ago | Year Ago | |
| National | $2.24 | $2.27 | $2.76 |
| Pennsylvania | $2.39 | $2.42 | $2.86 |
| Philadelphia (5-county) | $2.35 | $2.39 | $2.90 |
| South Jersey | $1.99 | $2.02 | $2.53 |
| Wilkes-Barre | $2.34 | $2.37 | $2.78 |
| Delaware | $2.11 | $2.16 | $2.67 |
| Crude Oil |
$45.41 per barrel |
$48.99 per barrel |
$57.53 per barrel |
At the close of Friday’s formal trading session on the NYMEX, the benchmark West Texas Intermediate Crude closed down $3.58 from last week to settle at $45.41 per barrel.
Oil prices have been on a roller coaster ride this week, tumbling to near two-month low in the wake of weekly supply data from the U.S. Energy Information Administration (EIA) on Thursday.
Global oil prices continue to point lower thanks largely to indications of increased supply. This includes the recent return of production from the Canadian Oil Sands and reports of strong output from OPEC member countries.
In the U.S. refineries have been running without major breakdowns, allowing generous supplies of gasoline to enter the market.
“A rebounding economy and yearly savings on gas costs are the biggest factors in the increased demand for fuel and more travel,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “While prices may continue to slide through the month of July, further refinery issues, stronger than anticipated economic growth, geopolitical tensions overseas or hurricanes here at home that could impact distribution and production all have the potential to reverse this trend.”
The trend of lower gas prices continues to benefit U.S. drivers as AAA estimates that drivers have saved about $20 billion on gasoline for far this year.
The JPMorgan Chase Institute released a report on Thursday indicating middle-income households spent $477 less at the pump in 2015 than in 2014.
The report noted that this was equivalent to more than a one percent increase in annual income for low and middle-income households. In addition to spending a larger portion of their income on gasoline, such households may have older vehicles that use more fuel.
The report further estimates that households spent 58 percent of total potential gasoline savings on restaurants, retail shopping, grocery stores and buying more gas.
Local gas prices are available at AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
