Gas prices down as inventory builds

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Drivers saw a slight decrease in gas prices during the past week.

All three state average prices have dropped in the last week, with Delaware seeing a six-cent drop, according to Wilmington-based AAA Mid-Atlantic.

Dover now has the lowest gas prices in Delaware with the Sam’s Club posting $2.49 a gallon price, which was matched by a couple of independent stations. North of the C&D Canal, the Christiana Costco and the New Castle BJ’s were selling regular at $2.54 a gallon.

Many Wawa and Royal Farms stores are selling regular at $2.70 a gallon.

According to the latest weekly report from the Energy Information Administration (EIA), growing inventories have put downward pressure on pump prices. The national average also decreased despite rising gas demand last week.

Monday gas prices

  • Pennsylvania’sgas average is$2.99 today, unchanged overnight and down three cents in the last week.
  • ThePhiladelphia (five-county) areagas average is$3.00today, unchanged overnight and down 5 cents in the last week.
  • New Jersey’sgas average is$2.93 today, unchanged overnight and down two cents in the last week.
  • S. Jersey’sgas average is$2.91 today, unchanged overnight and down four cents in the last week.
  • Delaware’sgas average is$2.70 today, unchanged overnight and down six cents in the last week.
  • Dover’sgas average is$2.70 today, unchanged overnight and down nine cents in the last week.
  • TheNationalgas average is$2.86 today, unchanged overnightand down two cents in the last week.

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $6134 per barrel, up from Friday’s closed.

Crude prices have decreased due to continuing market concern that crude demand will drop as Europe increases restrictions to curb a spike in Covid-19 infection rates.

EIA reported last week reported that total domestic crude inventories increased by 1.9 million barrels.

“Drivers are seeing a bit of a break at the pump,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude prices have dipped below $60 twice this week as supplies of both crude and gasoline have increased, keeping prices from climbing. This does not mean gas prices have hit their peak, but it is a positive sign for consumers.”

To check out gas prices in your neighborhood, check out AAA’sFuel Price Finder(http://www.AAA.com/fuelfinder)

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