Gas prices drop as East Coast sees increased supplies and crude prices remain stable

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Delaware has prices dropped seven cents over the past week, Wilmington-based AAA Mid-Atlantic stated.

Increased supplies of gasoline along the East coast, along with crude oil prices below $63 this week have helped to keep prices in check.

Monday’s national gas price average is $2.86, which is down a penny in the last week was a couple of cents higher than last year’s price.

Sunday
Saturday
Friday
Pennsylvania
$3.02
$3.03
$3.03
New Jersey
$2.91
$2.91
$2.92
Delaware
$2.69
$2.69
$2.70
Maryland
$2.78
$2.78
$2.78
Philadelphia (5-county)
$3.02
$3.02
$3.03
South Jersey
$2.82
$2.82
$2.83
Bloomsburg
$2.98
$2.99
$2.99
Wilkes-Barre
$3.01
$3.02
$3.02
National
$2.86
$2.86
$2.87
Gas prices below $2.60 a gallon were common in Delaware, including the Lewes-Rehoboth area, which has seen an influx of Royal Farms and Wawa stores. The two convenience store chains are gaining a tighter grip on the gasoline sales market in the state.
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $61.66 per barrel, 28 cents lower than last Friday’s close. Crude oil prices hovered between $61 and $63 this week as investors reacted to the potential demand threat posed by trade tensions between China and the U.S.

Increased tariffs on Chinese imports, taking effect Friday,could hurt oil demand. On the other hand, traders continue to watch growing tensions between the U.S. and Iran, which could disrupt crude output and cause oil prices to trend higher.

In recent weeks, oil prices have been supported by signs of tighter global supply following production cuts by OPEC and their allies.

“Local drivers are getting some room to breathe at the pump this week as prices halt a bit, and even drop slightly in some areas since last week,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “With the Memorial Day holiday weekend just three weeks away, all eyes will be on the gas prices to see if they drop below the $3 per gallon benchmark for the unofficial start of summer.”

For the 2019 summer driving season, which runs from April through September, the Energy Information Administration (EIA) forecasts that U.S. regular gasoline retail prices will average $2.92 per gallon (the previous estimate was $2.76 per gallon), up from an average of $2.85 per gallon last summer.

The higher forecast gasoline prices primarily reflect theexpectation of higher gasoline refining margins this summer, despite slightly lower crude oil prices.

The EIA also estimates U.S. oil production will hit a record 12.45 million barrels a day this year and rise again to 13.38 million barrels a day in 2020.

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

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