Delawareans are now paying less than $2 for a gallon of regular
Regional gas prices have dropped between 25 and 40 cents since March 1, Wilmington-based AAA Mid-Atlantic reported.
Monday gas prices around the region:
- Pennsylvania gas average at $2.22 today, down a penny overnight and down 13 cents in the last week.
- New Jersey gas average at $2.20 today, unchanged overnight and down 8 cents in the last week.
- Delaware gas average at $1.93 today, down a penny overnight and down 11 cents in the last week.
- Maryland gas average at $2.03 today, down a penny overnight and down 10 cents in the last week.
- Philadelphia (5-county) area gas average at $2.33 today, down a penny overnight and down 8 cents in the last week.
- S. Jersey gas average at $2.11 today, down a penny overnight and down 8 cents in the last week.
- National gas average at $2.01 today, down a penny overnight and down 11 cents in the last week.
Membership clubs led the way in Delaware, with BJ’s and Costco posting a $1.76 price. Costco gets kudos for offering Top Tier gasoline that is typically offered by more expensive brands like Exxon and Shell.
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $21.51 per barrel, 92 cents lower than last Friday’s close, down 52 percent in the past month and down $39.67 (65 percent) since the beginning of the year.
Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health, financial and economic impact of COVID-19 and the crude price war between Russia and Saudi Arabia.
Volatility in the oil market continues as the market weighs the potential benefits of stimulus efforts by policymakers around the world against the demand destruction caused by fallout from the rapid spread of the coronavirus.
The head of the International Energy Agency said that oil requirements around the world may drop by 20 percent as 3 billion people are in lockdown.
“Demand for both crude oil and retail gasoline continues to decrease as fewer drivers are on the road, causing local and national gas prices to drop to levels not seen in years,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “As the price of crude oil drops to levels not seen since the early 2000s, gasoline prices are following suit.”
The last time the national average for a gallon of regular unleaded gasoline was under $2 was more than four years ago.
To check on prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder).