Gas prices dropped another six cents in Delaware last week as an unexpected increase in crude oil supplies as well as an increase in East Coast gasoline stocks, Wilmington-based AAA Mid-Atlantic reported.
According to AAA gas prices fell to as low as $2.70 in the Capitol Trail-Kirkwood Highway area near Newark and were in the $2.75 area in other locations, including Lewes Rehoboth.
It also appeared that Delaware motorists were benefitting from the state’s lower gas taxes. There have been times when gas prices in New Jersey and Maryland have been comparable to those in Delaware, despite a dime or more in added gas taxes in neighboring areas.
|6/10/2018||Week Ago||Year Ago|
(Fri. 6/1/18 close)
|$47.75 per barrel|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $65.74 per barrel, down seven cents from last Friday.
Despite the recent ups and downs of crude pricing, the per barrel price remains almost $18 higher than a year ago. Reports indicate supplies rose by 2.1 million barrelsas total domestic crude production rose to a fresh weekly record of 10.8 million barrels a day.
“Crude oil prices have settled under $70 per barrel since Memorial Day weekend giving many drivers a bit of a break as they fill up,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “However, despite falling crude oil prices gas prices are not likely to drop more significantly this summer.”
AAA is expecting the 2018 summer driving season to cost drivers $225 to $250 more than last summer while the demand for gasoline stays consistent.
The national average for a gallon of unleaded gasoline is predicted to fall somewhere between $2.90 and $3.10 during the season as long as there are no excessive outside factors such as a major hurricane hitting the Gulf Coast or additional geopolitical issues.
To check out prices in your neighborhood, check out AAA’s Fuel Price Finder(http://www.AAA.com/fuelfinder).