Nearly three weeks after attacks on major Saudi Arabian oil facilities and subsequent gas price spikes, local pump prices are “falling” into seasonal declines.
Over the past week, the average price for regular in Delaware fell seven cents. The price at the pump in Delaware is down more than 40 cents from a year ago.
Here are gas prices as of Monday:
- Pennsylvania gas average at $2.75, unchanged overnight and down 2 cents in the last week.
- New Jersey gas average at $2.54, down a penny overnight and down 3 cents in the last week.
- Delaware gas average at $2.35, down a penny overnight and down 8 cents in the last week.
- Maryland gas average at $2.49, unchanged overnight and down 4 cents in the last week.
- Philadelphia (5-county) area gas average at $2.71, unchanged overnight and down 2 cents in the last week.
- S. Jersey gas average at $2.46, down a penny overnight and down 2 cents in the last week.
- National gas average at $2.65, unchanged overnight and unchanged in the last week.
- Crude oil prices fell more than $3 last week and an increase in crude oil supplies have helped to keep prices down.
- Crude prices dropped throughout the week, according to an Energy Information Administration’s weekly report showing growth in oil supplies.
Other factors, including concerns about global oversupply and lower demand, kept prices lower.
This week’s planned meeting of U.S. and Chinese trade negotiators will be watched closely to see if the economic forecast improves, potentially giving oil prices a boost.
“Nearly three weeks after attacks on major Saudi Arabian oil facilities, the majority of drivers in the Delaware Valley are seeing signs of gas prices dropping,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Lower crude oil prices and a slight increase in gasoline supply along the East coast have helped moved gas prices downward.”
As crude oil prices drop to levels seen prior to the Saudi Arabian oil facility attacks, motorists can expect to see gas prices follow suit. Delaware Valley pump prices are likely to continue a downward trend, which is in line with seasonal expectations due to reduced demand and the now complete switch over to the less expensive winter-blend gasoline.
For prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder)