Most drivers in the Delaware Valley have seen a decline in gas prices in the past week. Delaware drivers saw a drop of two cents a gallon over the past week.
Meanwhile, the national average for a gallon of regular gasoline has increased by a penny as gas demand saw a slight increase and total domestic gasoline inventories saw a decrease.
The lowest prices in the state are in the Dover area, with one station reporting a $1.95 figure.
If demand continues to grow, pump prices could climb, however as the nation settles into fall, demand will likely decline as drivers take fewer road trips.
Monday gas prices
- Pennsylvania gas average at $2.18 today, unchanged overnight and up a penny in the last week.
- New Jersey gas average at $2.17 today, unchanged overnight and down 2 cents in the last week.
- Delaware gas average at $2.17 today, unchanged overnight and down 2 cents in the last week.
- Maryland gas average at $2.18 today, unchanged overnight and unchanged in the last week.
- Philadelphia (5-county) area gas average at $2.45 today, unchanged overnight and unchanged in the last week.
- S. Jersey gas average at $2.13 today, unchanged overnight and down 2 cents in the last week.
- National gas average at $2.18 today, unchanged overnight and unchanged in the last week.
At the close of NYMEX trading Friday, West Texas Intermediate crude oil closed at $40.25 per barrel, 86 cents lower than last Friday’s close.
Domestic crude prices increased after the Energy Information Administration’s (EIA) weekly report revealed that total domestic crude inventories decreased last week.
Decreasing stocks could signal that supply and demand are rebalancing. Crude prices may continue to increase if supplies grow tighter, but demand challenges could contain potential growth in prices.
“Prices at the pump have been trending less expensive since Labor Day weekend and low demand for gasoline has contributed to that,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Gas prices could be dictated by drivers throughout the fall and will depend on whether road travel and road trips pick up.”
Mid-September is when gas stations make the switch to winter-blend gasoline, which is less expensive to produce than summer-blend gasoline. Typically, gas prices trend lower as a result. With the nation entering the fall driving season, which typically sees fewer road trips, a continued drop in demand will likely lead to pump prices continuing to decrease.
To check out gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
