Delaware drivers heading home from the holiday trip found lower prices at the pump compared to when they filled up before their holiday trip, Wilmington-based AAA Mid-Atlantic reported.
The price at the pump in Delaware dropped two more cents over the weekend.
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Delaware gas price, Fri. to Mon.
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Pennsylvania
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$2.76
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$2.77
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$2.78
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New Jersey
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$2.60
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$2.60
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$2.61
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Delaware
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$2.25
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$2.25
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$2.26
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Maryland
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$2.44
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$2.44
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$2.44
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Philadelphia (5-county)
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$2.74
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$2.74
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$2.75
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South Jersey
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$2.45
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$2.45
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$2.46
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Bloomsburg
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$2.78
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$2.78
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$2.78
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Wilkes-Barre
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$2.77
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$2.78
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$2.79
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National
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$2.56
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$2.57
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$2.58
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The Delaware gas price was down four cents over the past week.
Last year on Thanksgiving, Delaware’s average was $2.44 per gallon, while the average price for this year’s holiday was $2.25.
As of Monday, AAA reported that Delaware’s gas prices were the lowest on the East Coast, although states like Missouri and Oklahoma took away its brief reign as the home of the nation’s lowest gas prices. Prices in Delaware are heavily influenced by the region’s lowest gas tax.
Friday’s national gas price average is $2.58 per gallon, which is down six cents in the last week, down 26 cents in the last month, but six cents higher than this time last year.
For the eighth consecutive trading day, crude oil prices continue to trade below $60 per barrel, with the commodity dropping on Tuesday to $53.43 per barrel, the lowest settlement for the year.
At the close of trading on Wednesday, West Texas Intermediate) crude oil settled higher to $54.63 per barrel. The market was closed Thursday due to the Thanksgiving holiday. Crude oil inventories continue to increase for the ninth consecutive week, according to the Energy Information Administration’s (EIA) latest report.
“As drivers return home from their Thanksgiving holiday getaway, they are paying lower prices for gas than they paid before the holiday,” said Ken Grant, Manager of Public and Government Affairs. “With crude oil prices continuing to trade below $60 per barrel, this downward trend for gas prices should continue in the weeks ahead; however, with the potential for oil production cuts, following OPEC’s December meeting, the trend could be halted and gas prices could be subsequently impacted.”
Most Delaware drivers are paying the lowest gas prices of the year, but for how much longer remains to be seen.
The growth in global crude production and concerns of a glut in crude supply will be top of mind during OPEC’s upcoming meeting in less than two weeks on December 6. Reports are emerging that the cartel will discuss curtailing oil production, a move that if successful would drive up oil prices.
To check out gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (AAA.com/fuelfinder) locates the lowest fuel price in your area.
