Gas prices hit low for 2018

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Gas prices have hita record low for 2018 in the region, Wilmington-based AAA Mid-Atlantic reported. The Delawaregas price average today was $2.17, down a penny overnight and down 3 cents in the last week.
State
Sunday
Saturday
Friday
Pennsylvania
$2.65
$2.66
$2.66
New Jersey
$2.48
$2.48
$2.49
Delaware
$2.18
$2.18
$2.17
Maryland
$2.33
$2.33
$2.34
Philadelphia (5-county)
$2.65
$2.65
$2.66
South Jersey
$2.35
$2.35
$2.35
Bloomsburg
$2.67
$2.67
$2.68
Wilkes-Barre
$2.66
$2.67
$2.67
National
$2.42
$2.43
$2.44

The supply of crude oil is growing faster than anticipated. Contributing to the surplus is the United States’ record-breaking production levels – which hit the highest level ever recorded by the Energy Information Administration at 11.7 million barrels a day last month.

In addition, there is more Iranian supply in the market than expected due to the U.S. granting crude sanction waivers to some of Iran’s largest importers, including India, South Korea, and Japan.

Last week the Organization of Petroleum Exporting Countries (OPEC) met to discuss the potential of cutting crude production by up to 1 million barrels per day. The announcement was expected Thursday but the cartel delayed the decision until Friday to give time for non-OPEC countries, including Russia, to decide if they will join the production reduction agreement.

Following the delay on Thursday, crude oil prices trended cheaper than earlier in the week because the announcement was not as firm as the market expected.

AAA forecasts that as long as crude stays below the $60 a barrel mark, Americans will continue to see cheaper gas prices through the end of the year.

“Consumers will have more change jingling in their pockets this holiday season as they save on fuel fill-ups, especially compared to this summer. The national gas price average has dropped more than 50-centssince Memorial Day weekend when the average spiked to a high of $2.97,” said Ken Grant, manager of Public and Government Affairs for AAA Mid-Atlantic. “As prices continue to drop, some motorists are filling up for $2/gallon or less.”

Highest and Lowest Gas Price Averages for Dec. 6
Highest Average – Hawaii – $3.62
Lowest Average – Missouri – $2.01
Local Rankings
Delaware – 41st highest gas average
Pennsylvania – 16th highest gas average
New Jersey – 22nd highest gas average
Motorists can find current gas prices at GasPrices.AAA.com.
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