Delaware saw a drop in the price at the pump in the past week, Wilmington-based AAA reported.
Prices in the region are between 25 and 40 cents lower than one year ago. AAA expects prices to drift lower in the coming weeks, although international conditions could change the outlook.
Monday gas prices.
- Pennsylvania gas average at $2.73 today, unchanged overnight and down 2 cents in the last week.
- New Jersey gas average at $2.54 today, unchanged overnight and unchanged in the last week.
- Delaware gas average at $2.32 today, up a penny overnight and down 3 cents in the last week.
- Maryland gas average at $2.46 today, down a penny overnight and down 3 cents in the last week.
- Philadelphia (5-county) area gas average at $2.69 today, unchanged overnight and down 2 cents in the last week.
- South Jersey gas average at $2.47 today, unchanged overnight and up a penny in the last week.
At the close of NYMEX trading Friday, West Texas Intermediate crude settled in at $54.70 per barrel, $1.89 higher than last Friday’s close.
Crude oil prices hovered around the $53 mark all week, gaining steam on Thursday amid optimism over possible trade talk outcomes between the U.S. and China.
Prices were supported by an indication by OPEC that all options to try and balance oil markets were on the table and that a decision about supply would be made by the group in December.
“Gas prices are following normal fall trends, bringing generous year-over-year savings to many local drivers,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA expects pump prices to continue cooling off as healthy gasoline stock levels and stable oil prices are helping to keep prices cheaper for most motorists.”
While AAA expects prices to drift lower in the coming weeks, volatility in the oil market could creep up on prices at the pump in the coming weeks as several geopolitical factors play out.
In addition to OPEC’s decision to consider ways to balance the oil market, uncertainty over talks scheduled between the U.S. and China could affect prices. Also, Turkey’s attacks on Syria could impact the economy of the oil-producing Kurdistan region in Iraq and affect crude oil prices.
To check on gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).