Gas prices continue to drop, but for how long?

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Gas prices continued to drop after the Thanksgiving travel surge, Wilmington-based AAA Mid- Atlantic reported. The question is how long the low prices will last as oil producers gather next month to consider production cuts.

Gas prices, Sun., Fri., Sat. Sun (from left)
Pennsylvania
$2.70
$2.70
$2.71
New Jersey
$2.53
$2.54
$2.55
Delaware
$2.20
$2.21
$2.21
Maryland
$2.37
$2.38
$2.38
Philadelphia (5-county)
$2.69
$2.69
$2.70
South Jersey
$2.39
$2.40
$2.41
Bloomsburg
$2.72
$2.72
$2.72
Wilkes-Barre
$2.71
$2.71
$2.72
National
$2.47
$2.48
$2.49

Delaware’s average gas price fell to $2.20, downfourcentsduring the past week. Gas prices fell to as low as $2.06 in the Newark area.

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $50.93 per barrel, 51 cents higher from last week.

This week, the Energy Information Administration (EIA) reported that crude supplies rose for 10 consecutive weeks. Since hitting a four-year high near $77 a barrel at the beginning of October, oil prices have dropped about 30 percent.

The oil market has been in a slump as the result of rising stockpiles of U.S. crude oil and thoughts of slowing global growth and lower demand. Prices rebounded Thursday after sources said Russia would consider joining an effort to cut production alongside Saudi Arabia and other members of OPEC.

“Delaware Valley drivers are now paying the lowest gas prices of 2018, as statewide averages in all three states have dipped below the previous recorded lows set earlier this year,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Considering the potential rise in crude oil prices in the coming weeks, consumers should enjoy these low prices while they last.”

Drivers are expected to see decreasing gas prices heading into December, but all eyes will be watching the outcome of OPEC’s next meeting on December 6., AAA reported. At that meeting, OPEC is expected to curtail crude production by 1 million to 1.4 million barrels per day, which could cause crude prices to rise.

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

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