Gas prices continued to drop in Delaware as worries over an pandemic grew and fuel supplies remained ample.
Delaware posted the biggest decline – five cents over the past week. Gas prices in the First State fell to as low as $2.16 a gallon.
- Pennsylvania gas average at $2.72 today, unchanged overnight and down 6 cents in the last week.
- New Jersey gas average at $2.58 today, unchanged overnight and down 2 cents in the last week.
- Delaware gas average at $2.25 today, down a penny overnight and down 5 cents in the last week.
- Maryland gas average at $2.42 today, down a penny overnight and down 5 cents in the last week.
- Philadelphia (5-county) area gas average at $2.70 today, unchanged overnight and down 6 cents in the last week.
- South Jersey gas average at $2.47 today, down a penny overnight and down 4 cents in the last week.
- Wilkes-Barre area gas average at $2.74 today, unchanged overnight and down 5 cents in the last week.
- National gas average at $2.51 today, down a penny overnight and down 3 cents in the last week.
At the close of trading Friday, West Texas Intermediate (WTI) crude oil settled at $54.19 per barrel, $4.35 lower than last Friday’s close. Crude prices dropped all week, experiencing its biggest weekly fall since May on Friday.
Fears that economic growth and demand for oil will be affected by the coronavirus outbreak in China helped to push prices lower. Widespread travel restrictions, flight cancellations and reduction in regional travel could affect China’s overall economic activity.
“Gas prices typically trend lower in January as demand for fuel drops due to colder temperatures and fewer people driving,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Add in lower crude oil prices and an increase in gasoline supply, and drivers are likely to see this trend continue.”
In its latest weekly report, the Energy Information Administration (EIA) revealed that total domestic stocks of gasoline continue to grow. EIA estimates that gasoline demand grew slightly, although the current level is lower than last year’s at this same time.
To check out gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).
