Gas prices continue their slow decline this week as demand for gasoline has dipped and crude oil prices remained below $70 a barrel.
Gasoline supplies were up for the second time in three weeks due to the slightly weaker demand, Wilmington-based AAA Mid-Atlantic reported.
Gas prices dropped by a couple of pennies in Delaware over the past week and remained steady over the weekend.
As of the weekend, gas prices of $2.70 a gallon were common in the Newark, Rehoboth-Lewes and New Castle areas.
Price could rise if demand rises from last-minute summer trips. Below are, left to right, Friday, Saturday and Sunday prices at the pump.
| State, area |
|
||
|
Pennsylvania
|
$3.03
|
$3.03
|
$3.03
|
|
New Jersey
|
$2.86
|
$2.86
|
$2.86
|
|
Delaware
|
$2.74
|
$2.74
|
$2.74
|
|
Maryland
|
$2.79
|
$2.79
|
$2.79
|
|
Philadelphia (5-county)
|
$3.04
|
$3.04
|
$3.04
|
|
South Jersey
|
$2.78
|
$2.78
|
$2.78
|
|
Bloomsburg
|
$3.06
|
$3.06
|
$3.07
|
|
Wilkes-Barre
|
$3.03
|
$3.03
|
$3.03
|
|
National
|
$2.84
|
$2.84
|
$2.84
|
At the close of trading on Friday, West Texas Intermediate (WTI) crude oil settled at $68.72 per barrel, up $2.81 from last Friday. Wednesday’s Energy Information Administration’s (EIA) Weekly Report showed crude oil inventories fell by 5.8 million barrels.
Along with the fall in inventories U.S. rhetoric against Iran also raised questions about crude supply as the Trump administration indicated its plans to ramp up economic pressure on Iran in a dispute over that country’s nuclear program.
The efforts include imposing tougher sanctions than had previously been imposed and finding other sources of oil for countries currently purchasing from Iran.
“Many Delaware Valley drivers have taken their summer vacations and not as many people are out on the roads right now,” said Jana L. Tidwell, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Compared to July, consumer demand for gasoline is lessening and prices are dropping as a result. While gas prices may increase with demand during Labor Day weekend, they should generally decrease afterward.”
The EIA recently released a study finding that Americans are holding onto their cars longer. The average vehicle age has increased from 9.3 years in 2009 to 10.5 years in 2017, according to the 2017 National Household Travel Survey.
Figures from the Environmental Protection Agency show that average adjusted fuel economy has risen from 21 mpg in 2008 to a preliminary figure of 25.2 miles a gallon in 2017.
As vehicle age increases, data from the Bureau of Labor Statistics’ Consumer Expenditures Survey show that spending on vehicle repair and maintenance has also increased, according to the EPA report.
To find gas prices in your area, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
