Gas prices drop as crude oil market slumps

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Gas price summer 2018
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Gas price summer 2018

Delaware gas prices dropped slightly over the weekend, thanks to ample supplies, a drop in crude oil prices and concerns about trade wars. Delaware’s gas price  average was at $2.61 on Monday unchanged overnight and down 6 cents in the last week.  

 
Sunday
Saturday
Friday
Pennsylvania
$2.95
$2.96
$2.97
New Jersey
$2.87
$2.87
$2.88
Delaware
$2.61
$2.62
$2.62
Maryland
$2.72
$2.73
$2.73
Philadelphia (5-county)
$2.99
$3.00
$3.00
South Jersey
$2.78
$2.78
$2.79
Bloomsburg
$2.93
$2.93
$2.92
Wilkes-Barre
$2.93
$2.94
$2.94
National
$2.81
$2.82
$2.82

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $53.50 per barrel, nearly ten percent ($5.13) lower than last Friday’s close and the lowest closing price since mid-February.

The market reacted last week to a smaller-than-expected decline in U.S. crude inventories and continued concern over a U.S.-China trade war. Government data released this week also pointed to a continued increase in already record production levels.

“Gas prices have declined, on average, by at least a nickel, for the majority of the country since the beginning of May, a trend motorists can expect to continue into early June,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Barring any unforeseen circumstances – economic, geopolitical, and/or weather-related – the highest gas prices of the year are likely in the rearview mirror.”

Summer  gas price movement could depend on whether the Organization of the Petroleum Exporting Countries (OPEC) members and non-members agree to increase production when they meet in late June, as well as how soon they execute the increases. 

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Many market analysts believe that the cuts made by OPEC will be extended in an effort to prevent oil prices from falling further.  In addition, any unexpected supply disruptions could affect prices are the pump this summer.

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

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