Gas prices drop by three cents a gallon as outlook for further declines remains unclear

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Delaware gas prices dropped by three cents a gallon over the past week.

According to NYMEX figures, crude oil prices again moved past $70 a barrel.

The average price at the pump for regular unleaded is $3.31 a gallon, down from about $3.34 a week ago, AAA reported. The national average price is $3.34 a gallon for regular.

Kent County has the lowest average gas price at $3.30, with New Castle County at $3.32 and Sussex at $3.31.

The outlook remains unclear due to the omicron Covid-19 variant.

Projections indicate that the price at the pump could drop as much as 38 cents a gallon in January due to additional production of fuel. However, it is also possible that the variant could cut demand, leading producers to trim output and keep prices up.

The price of crude had earlier dropped below the $70 a barrel benchmark amid fears of lockdowns elsewhere in the world from a surge in coronavirus cases. 

According to the GasBuddy website and AAA’s Fuel Price Finder, relative bargains are widespread in Delaware. 

Both sites reported that gas stations in Middletown and Hartly in Kent County were selling regular for $3.08 a gallon.

Gas Buddy and other apps were also offering temporary discounts of as much as 22 cents a gallon.

The gas price spike has heightened inflation and sent President Joe Biden’s approval ratings downward.

The administration has asked oil companies to increase production and released some oil from the strategic reserve. 

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