Sharp drop in gas prices continues in Delaware

Drivers are finally seeing a break at the pump, following some un-fall like high prices over the past few weeks.

Gas prices dropped another three cents over the weekend on top of a drop of about a dime a gallon in the pervious week.

Gas prices dropped as low as $2.32 a gallon at a Rehoboth area station./ convenience store. Gas was available at around $2.50 a gallon in many locations around the state. 

At times this year.  Delaware gas prices have rivaled those of neighboring New Jersey, despite the Garden States’s high gas taxes. Another increase in New Jersey  gas taxes came this fall. 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $69.12 per barrel, down $2.22 from last Friday.

Oil prices fell during the week, pushed down by a report from the Energy Information Administration (EIA) showing a large increase in crude inventories.

Crude stocks have risen since mid-September and this latest four consecutive weeks of inventory gains is the longest streak since early 2017. 

“Locally, gas prices are slowly decreasing, which is a welcome change for motorists who have been paying unreasonably high prices to fill-up lately,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude prices are now under $70, a far cry from earlier this month when the price was six dollars higher.”

Volatility in the oil market could creep up on prices at the pump in the coming weeks as several geopolitical factors play out.

In addition to Venezuela’s falling oil production and the continued trade war between the U.S. and China, there are elevated tensions between the U.S. and Saudi Arabia following the death of Washington Post commentator  Jamal Khashoggi.

Saudi Arabia has threatened to retaliate against potential U.S. sanctions, which could affect global energy prices.

To check out prices in your neighborhood, log on to  (http://www.AAA.com/fuelfinder).