Gas prices remain steady after sharp drop in crude prices

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Gas prices remained steady over the Memorial Day weekend as supplies remained plentiful, Wilmngton-based AAA Mid-Atlantic reported.

The 37.6 million Americans hitting the road for the holiday can expect gas prices to be less expensive than last year. Philadelphia, South Jersey and Delaware prices are at least 10 cents lower than during the same period last year.

Sunday
Saturday
Friday
Pennsylvania
$2.99
$2.99
$3.00
New Jersey
$2.90
$2.90
$2.90
Delaware
$2.68
$2.68
$2.68
Maryland
$2.78
$2.78
$2.78
Philadelphia (5-county)
$3.01
$3.01
$3.02
South Jersey
$2.82
$2.82
$2.82
Bloomsburg
$2.94
$2.94
$2.95
Wilkes-Barre
$2.96
$2.96
$2.97
National
$2.83
$2.83
$2.84

Delawaregas averaged $2.67 Monday down a penny overnight and down two cents in the last week. Gas prices as low as $2.60 were available in areas of Delaware.

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $58.63 per barrel, a whopping $4.13 lower than last Friday’s close.

Crude suffered its biggest one-day decline ($3.51) this year on Thursday, settling at $57.91 per barrel. Global stock markets were sent lower based on concerns over a slowdown in energy demand associated with the U.S. – China trade dispute. The surprise surge in crude inventories this week was also a contributing factor.

AAA projected that more than 500,000 Philadelphia-area residents traveled(50 miles or more) over the Memorial Day holiday weekend, representing a 3.6 percent increase over last year. Nearly 455,000 – or 90 percent of local holiday travelers – plan to drive to their destination, a 3.6 percent increase over last year.

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

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