Delaware’s gas price is well below $2 in some locations as supplies remain abundant, Wilmington-based AAA Mid-Atlantic reported.
The price of gas during the week fell from $2.05 to $2.01.
In Delaware, prices fell as low as $1.80 a gallon in the Capitol Trail, Kirkwood Highway area near Newark. Two dollar a gallon gas was even available in Rehoboth Beach, an area where gas prices are often high in the busy months.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 7/24/2016 | Week Ago
7/17/16 |
Year Ago
7/24/15 |
|
| National | $2.17 | $2.21 | $2.73 |
| Pennsylvania | $2.30 | $2.34 | $2.80 |
| Philadelphia (5-county) | $2.26 | $2.30 | $2.85 |
| South Jersey | $1.89 | $1.93 | $2.48 |
| Wilkes-Barre | $2.28 | $2.31 | $2.71 |
| Delaware | $2.02 | $2.05 | $2.60 |
| Crude Oil |
$44.19 per barrel |
$49.95 per barrel |
$49.19 per barrel (7/22/15) |
Crude oil prices have dipped below $45 per barrel over the past couple of weeks to the lowest levels since late April. Oil continues to drop due to the potential for steady production and abundant supplies.
Many analysts have predicted that oil prices could drop even further later this year, At the close of Friday’s formal trading session on the NYMEX, WTI was down 56 cents to settle at $44.19 per barrel.
Refineries had seen early indications of strong demand for gasoline and have been operating with few problems in most regions.
“Gas prices have once again dropped below $2 per gallon in many parts of the country including right here in the Mid-Atlantic region,” said Jana L. Tidwell, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Lower gas prices are a bonus for drivers anytime of the year and even more so for those planning a summer road trip this season.”
Gas prices likely will remain relatively low compared to recent years for the remainder of the summer.
U.S. crude oil supplies are about 13 percent higher than a year ago, while gasoline stocks have increased to 240 million barrels as refineries produce significant quantities of fuel. This is the highest ever mark for gasoline supplies during the month of July, according to Department of Energy records.
Other factors could result in higher prices, including hurricanes, international crisis situations and stronger-than-expected growth in nations such as China.
Those wishing to find gas prices in their neighborhood can use AAA’s Fuel Price Finder (http://www.AAA.com/
