Delaware drivers continued to see gas prices drop over the weekend. the price at the pump was more than 30 cents lower than during the same period a year earlier, Wilmington-based AAA Mid-Atlantic reported.
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Gas prices, Sun., left, Sat., Fri.
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Pennsylvania
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$2.83
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$2.84
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$2.85
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New Jersey
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$2.73
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$2.73
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$2.74
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Delaware
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$2.45
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$2.45
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$2.46
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Maryland
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$2.59
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$2.60
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$2.60
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Philadelphia (5-county)
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$2.87
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$2.88
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$2.88
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South Jersey
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$2.64
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$2.65
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$2.66
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Bloomsburg
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$2.82
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$2.80
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$2.81
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Wilkes-Barre
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$2.80
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$2.81
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$2.82
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National
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$2.65
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$2.65
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$2.67
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Delaware’s average gas price fell three cents over the weekend to $2.43, a gallon, a decline of 6 cents in the last week.
On Monday, West Texas Intermediate (WTI) crude oil settled at $54.740 per barrel, up slightly from Friday in NYMEX trading.
According to the Energy Information Administration’s (EIA) report this week, U.S. crude stocks increased by 2.4 million barrels, reversing a seven-week long stretch of declines. Trade tensions between the U.S. and China and fears of a pending global recession have pushed crude prices down, even as peak driving season continues.
Some analysts say reduced crude prices will result in further production cuts by OPEC going forward.
The market has also been affected by sluggish demand for gasoline as new vehicles become more fuel-efficient. The U.S. has also become the world’s largest oil producer.
“The price of crude oil has dropped more than a dollar since last Friday, delivering what drivers hope to be another week of falling gas prices,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Though the rate of decline could slow, the downward trend could continue into early August, saving money for motorists on the last road trips of the summer driving season.”
According to recent Energy Information Administration (EIA) reports, U.S. regular gasoline retail prices averaged $2.74 per gallon in July, up two cents per gallon from June but 11 cents per gallon lower than the average in July of last year.
EIA expects that monthly average gasoline prices peaked for the year in May at an average of $2.86 per gallon and will fall to an average of $2.64 per gallon in September.
To check out gas prices in your neighborhood, log on to the Fuel Price Finder (http://www.AAA.com/fuelfinder) which locates the lowest gas price in your area.
