Delaware continues to enjoy nation’s lowest gas prices

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Gas prices in Delaware fell an average of two cents a gallon over the weekend, AAA Mid-Atlantic reported. 

The price at the pump in the first state has dropped nine cents over the past week as supplies of crude oil and refined products remained ample. 

Delaware continued to have the  nation’s lowest gas prices, with one station in the Newark area posting a $2.22 a gallon price. Delaware has far lower gas taxes than neighboring states.

Gas prices, Mon. (left), Fri. Sat.    
Pennsylvania
$2.89
$2.90
$2.91
New Jersey
$2.70
$2.71
$2.72
Delaware
$2.36
$2.37
$2.38
Maryland
$2.54
$2.55
$2.56
Philadelphia (5-county)
$2.86
$2.86
$2.88
South Jersey
$2.56
$2.57
$2.59
Bloomsburg
$2.92
$2.94
$2.95
Wilkes-Barre
$2.90
$2.91
$2.92
National
$2.70
$2.71
$2.72

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $60.19 per barrel, down $2.95 from last Friday and the lowest daily settlement since April 6.

The weekly average price for U.S. crude has declined the past four consecutive weeks, following upward pressure on prices amid growing concerns that U.S. sanctions against Iranian crude could cause a global supply shortage.

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Those concerns are being calmed by increased production by countries like the U.S., Saudi Arabia, and Russia. In addition, Washington gave waivers to eight customers, raising the potential of more Iranian oil in the market than expected.

“Delaware Valley drivers are saving at least 20 cents per gallon, compared to when gas prices peaked during Memorial Day weekend,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “If crude oil prices and demand for gasoline continue to decline, motorists will likely see prices at the pump decrease ahead of Thanksgiving.”

On Monday, signs appeared that Saudi Arabia and OPEC  might reduce output in response to lower crude oil prices. 

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