Trending: : Gas prices dip in Delaware as Mideast tensions ease

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Gas prices in Delaware dropped by eight cents  over the past week,  Wilmington-based AAA Mid-Atlantic reported.

Lewes and the Bear-Glasgow reported  among the lowest prices in the state, with some stations selling regular at $2.20 a gallon. A factor in the lower prices in Bear-Glasgow was a gas war in neighboring Elkton, MD. Both Wawa and Royal Farms have two stores each.

 The gas prices in the town on the Delaware line fell to about $2.20 a gallon over the weekend despite Maryland’s higher gas tax.

Crude oil inventories decreased but gasoline supplies, including those along the East coast, increased.

Monday gas prices are as follows: 

  • Pennsylvania gas average at $2.78 today, unchanged overnight and down 3 cents in the last week.  
  • New Jersey gas average at $2.61 today, unchanged overnight and down 2 cents in the last week.
  • Delaware gas average at $2.30 today, down a penny overnight and down 8 cents in the last week.  
  • Maryland gas average at $2.47 today, unchanged overnight and down 6 cents in the last week.
  • Philadelphia (5-county) area gas average at $2.74 today, unchanged overnight and down 2 cents in the last week.  
  • South  Jersey gas average at $2.51 today, unchanged overnight and down 4 cents in the last week.  
  • National gas average at $2.54 today, down a penny overnight and down 4 cents in the last week.  

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $58.54 per barrel, 50 cents lower than last Friday’s close.

Oil prices remained under the $60 mark during the week but gained some steam Thursday with news of Senate approval of a trade agreement between the U.S., Mexico and China, along with signing of the U.S.-China trade deal (Wednesday), which could boost prospects for improved global economic growth.

“Local drivers are enjoying cheaper prices at the pump thanks to cooling tensions with Iran and a healthy level of gasoline stocks, both locally and nationally,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “As long as supplies remain healthy and demand for gas is low, drivers should continue to see lower pump prices.”

In its latest Short-Term Energy Outlook, the Energy information Administration (EIA) expects WTI (West Texas intermediate)  crude oil prices to average about $59.50 per barrel in 2020 and $62.50 in 2021, compared to a WTI average price of $56.65 per barrel in 2019.

The EIA reports U.S. regular gasoline retail prices averaged $2.60 per gallon in 2019 and forecasts that they will average $2.63 per gallon in both 2020 and 2021. 

To check out fuel prices in your area, log on to  (http://www.AAA.com/fuelfinder).

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