Gas prices fall to modern-day lows in Delaware

Gas prices have hit modern-day record lows in the region, Wilmington-based AAA Mid-Atlantic reported.

Delaware gas prices fell below $1.80, with the price dropping below $1.50 at some stations in northern Delaware. 

CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $16.94 per barrel, $1.33 lower than last Friday’s close.

On Monday, WTI made history by settling in negative territory (-$37.63). The negative number was the result of the inability to find a place to store the massive oversupply of crude.

Although crude rallied later in the week and has been trading in positive numbers again, crude prices are more than $45 lower than this time last year.

The U.S. Energy Information Administration (EIA) reported Wednesday that U.S. crude inventories rose once again, marking a 13th straight weekly climb.

“The entire Delaware Valley may see gas prices under $2 per gallon within the next week,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Typically, April and May would see a peak for gas prices just ahead of the summer driving season but this year, with so much supply and so little demand, prices are likely to show just the opposite.”

U.S. consumption of petroleum products has fallen to its lowest level in decades due to measures limiting travel and general economic slowdown induced by efforts to battle  COVID-19.

The U.S. EIA estimates the decline in petroleum product demand averaged 14.1 million barrels per day – the lowest level in the agency’s  weekly data series, which dates back to the early 1990s. In 2019, the U.S. consumed an average of about 20.46 million barrels of petroleum products per day.

To check out the lowest gas prices n the area, logo on (http://www.AAA.com/fuelfinder).