Gasoline prices continued to fall across the region as crude oil prices moved toward $40 a barrel, Wilmington-based AAA Mid-Atlantic reported.
The average price in Delaware fell to $1.96 a gallon on Monday with one station in the Capitol Trail area east of Newark posting a $1.80 price. Prices have fallen about a nickel in Delaware during the past week.
The national average price for regular unleaded gasoline sits at $2.14 per gallon, which is the lowest mark since April and the lowest price for this date since 2004.
Today’s national price is three cents less than one week ago, 15 cents less than one month ago, and 53 cents less than the same date last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 7/31/2016 | Week Ago | Year Ago | |
| National | $2.14 | $2.17 | $2.67 |
| Pennsylvania | $2.25 | $2.30 | $2.75 |
| Philadelphia (5-county) | $2.22 | $2.26 | $2.79 |
| South Jersey | $1.86 | $1.89 | $2.41 |
| Wilkes-Barre | $2.25 | $2.28 | $2.66 |
| Delaware | $1.97 | $2.02 | $2.54 |
| Crude Oil | $41.60 per barrel
(Friday 7/29/16 close) |
$44.19 per barrel (Friday 7/22/16 close) | $53.50 per barrel |
“Gas prices are likely to remain low for the remainder of the summer compared to recent years,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “More than one-third of gas stations nationwide are selling gasoline for $2.00 per gallon or less, including those in New Jersey and Delaware.”
Crude oil prices have dropped in recent months from the $50 range as supplies of oil and gasoline remain plentiful and refineries operate with relatively few problems.
Despite the lowest seasonal prices in 12 years, there’s always the possibility that unexpected events could trigger higher prices later this summer.
For example, crude oil costs could rise due to disruptions in supply, stronger than expected economic growth or geopolitical tensions overseas. Also, regional prices could increase due to refinery problems, production cuts, stronger than anticipated demand, or hurricanes that impact distribution and production
Many analysts have predicted oil prices could drop even further later this year, which would likely lead to lower gas prices for consumers heading into the fall.
For local gas prices, motorists can check out the Fuel Price Finder (http://www.AAA.com/fuelfinder).
