Delaware gas prices remain lowest in nation

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Delaware Valley drivers saw another week of lower gas prices as Delaware held onto its ranking for the cheapest gasoline in the nation for the secondweek.

Gas prices arebeing pushed lower due to seasonal demand, winter-blend fuel, and falling crude prices.As motorists settle into the fall driving season, demand should continue to decrease and pump prices will likely decline into next week.

Delaware’s average gas price was $2.45, as of Sunday but had fallen below $2.40 at some locations.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

11/2/18

Week Ago

Year Ago

National

$2.78

$2.84

$2.51

Pennsylvania

$2.97

$3.01

$2.70

Philadelphia
(5-county)

$2.95

$3.00

$2.68

South Jersey

$2.66

$2.72

$2.47

Delaware

$2.47

$2.53

$2.40

Crude Oil

$63.14
per barrel
(Fri. 11/2/18 close)

$67.59
per barrel
(Fri. 10/26/18 close)

$53.77
per barrel
(11/3/17)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $63.14 per barrel, down $4.45 from last Friday.

West Texas Intermediate Crude closed at $63.69 on Thursday, its lowest price since April 9. Total domestic crude inventories in the U.S. increased 3.2 million barrels last week, according to the Energy Information Administration’s latest report.

However, pending U.S.-imposed sanctions on Iran’s crude exports could potentially ignite fears in the market about constrained global supply this winter, leading oil prices to see new highs for 2018.

“We’re on a bit of a wait-and-see ride when it comes to gas prices, both locally and nationally,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Gas prices are falling for now, but that could change soon if global supply for crude oil is impacted by the U.S. sanctions against Iran scheduled to take effect in the next week.”

New U.S. sanctions on Iran begin Nov. 5 and Washington has made it clear that it expects countries that get their crude from Iran to stop buying from it on that date.

It remains to be seen what impact this will have on the global supply of crude as oil supply from other countries is rising, with production in the U.S., Saudi Arabia and Russia remaining strong.

Saudi Arabia has indicated it is prepared to raise oil production to counter its rival in the region OPEC meets in early December, and there should be discussions about an official increase in oil production.

To find the gas price in your neighborhood, log on to the Fuel Price Finder(http://www.AAA.com/fuelfinder).

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