Gas falls to $2 a gallon at some Delaware stations

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Gas has hit $2 a gallon mark in the Newark and Elsmere areas.
AAA Mid-Atlantic reportedthat stations on College Avenue and in the Capitol Trail-Kirkwood Highway area east of Newark posted $2 a gallon prices. The low prices also spread to the east to the Kirkwood Highway area in Elsmere.
The Gas Buddy site reported $1.95 a gallon gas at a station in Ogletown, south of Newark and $2 per gallon fuel at a station in the Milton area in Sussex County.
At about $2.12 per gallon, Delaware’s average price on Monday was down a couple of cents over the past week, AAA Mid-Atlantic reported.
Sunday
Saturday
Friday
Pennsylvania
$2.51
$2.52
$2.53
New Jersey
$2.38
$2.38
$2.39
Delaware
$2.12
$2.12
$2.13
Maryland
$2.24
$2.25
$2.25
Philadelphia (5-county)
$2.56
$2.57
$2.57
South Jersey
$2.26
$2.27
$2.27
Bloomsburg
$2.52
$2.52
$2.53
Wilkes-Barre
$2.56
$2.57
$2.57
National
$2.27
$2.28
$2.29
Delaware drivers will be ringing in the New Year paying the lowest gas prices for New Year’s Day since January 1, 2016 when the state’s average price was $1.91 per gallon.
According to the Energy Information Administration’s (EIA) latest weekly petroleum status report total domestic crude inventories remained virtually unchanged from the previous week at 441.4 million barrels. When compared to last year at this time, total inventories are 9.6 million barrels higher this year.
Gasoline inventories are up 3 million barrels from the previous week to 233.1 million, and above year-ago levels by two percent,.
“As 2019 rolls in, it remains to be seen if gas prices will continue falling or begin rising. All eyes are on OPEC to see if their proposed oil production cuts will be enough to restore balance to the market, which in turn could drive gas prices higher in the New Year,” said Ken Grant, manager of Public and Government Affairs at AAA Mid-Atlantic.
Heading into 2019, gasoline demand is expected to dwindle during the month of January.
At the same time, OPEC is expected to begin production cuts on January 1, with hopes that the shift in global supply will push oil prices higher. The effectiveness of the production cuts, which could ultimately impact gas prices, will likely not be known until later in the first quarter.
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