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Delaware gas price drops slightly as demand weakens

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Delaware gas price drops  slightly as demand weakens
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Delaware’s gas priced dropped by a penny in the past week as demand weakened.

  • Pennsylvania gas average at $2.52 today, unchanged overnight and down a penny in the last week.  
  • New Jersey gas average at $2.30 today, up a penny overnight and up 2 cents in the last week.
  • Delaware gas average at $2.34 today, unchanged overnight and down a penny in the last week.  
  • Maryland gas average at $2.34 today, up a penny overnight and unchanged in the last week.
  • Philadelphia (5-county) area gas average at $2. today, overnight and in the last week.  
  • S. Jersey gas average at $2.29 today, unchanged overnight and up 2 cents in the last week.  
  • National gas average at $2.16 today, unchanged overnight and unchanged in the last week.  

In the new weekly report from the Energy Information Administration (EIA), demand dropped last week to the lowest weekly estimate since the end of May.

 The decrease in demand, alongside an increase in total domestic gasoline stocks, helped lower the national average this week. As demand continues to decline, especially amid rising coronavirus cases, pump prices will be poised to follow suit. 

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Despite having the lowest gas taxes in the region, the price at the pump in Delaware remains a nickel above the average price in southern New Jersey.

Gas prices vary widely in the state, with the BJ’s and Costco warehouse clubs in northern Delaware still charging $2 a gallon. Members pay a $55 to $60 annual fee.

The national gas price average is $2.15, down a penny in the last week, up to four cents in the last month, and down 42 cents from this time last year. Delaware gas prices are unchanged from a year ago.

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil closed at $46.57 per barrel, 31 cents higher than last Friday’s close.

Crude prices continue to rise due to increasing optimism that coronavirus vaccines will be available in the coming weeks, which could help boost domestic crude demand.

Crude prices increased despite EIA’s weekly report that revealed a surprising increase in total domestic crude inventories. The increase in supply could mean that domestic crude production is too high, given current demand trends. 

“Gas prices are either moving lower or staying put throughout the Delaware Valley,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude oil prices have remained higher even as demand continues to decline amid rising coronavirus cases, but drivers should see pump prices trend lower heading into the winter driving season.”

To check out gas prices in your neighborhood, log on to AAA’s Fuel Price Finder (http://www.AAA.com/fuelfinder.

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