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Maryland gas tax holiday puts downward pressure on Delaware prices

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Maryland gas tax holiday puts downward pressure on Delaware prices
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Delaware gas prices have remained steady in recent days after dropping during the week.

The average price at the pump remains below the national average at around $4 a gallon.

Delaware gas prices have also been influenced by a gasoline tax holiday in neighboring Maryland that sent prices as low as $3.69 a gallon, according to AAA’s Fuel Finder. A station in Hartly a Kent County community near the Maryland line, posted a price at the pump of $3.76 a gallon.

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It was determined that Delaware could not follow suit, since bonds used to finance transportation improvements are backed by gas tax revenues.

The primary reason is the lower global price of crude oil, which peaked shortly after Russia launched its war in Ukraine, but is now more than $15 a barrel lower at around $109 a barrel.

Domestically, gasoline demand is defying seasonal trends and has dipped slightly, perhaps in response to higher prices at the pump, AAA reported.

DELAWARE AVERAGE GAS PRICES

  Regular Mid-Grade Premium Diesel
Current Avg. $4.007 $4.459 $4.710 $4.825
Yesterday Avg. $4.013 $4.486 $4.734 $4.859
Week Ago Avg. $4.190 $4.593 $4.838 $4.989
Month Ago Avg. $3.585 $3.933 $4.185 $3.977
Year Ago Avg. $2.763 $3.151 $3.374 $3.077
Prices of AAA

“Usually this time of year, with warmer weather and longer days, we’d see an uptick in gasoline demand as more people hit the road,” said Andrew Gross, AAA spokesperson. “But we had a slight drop in demand last week, which may be due to higher pump prices. In our new survey of drivers, 59% said they would change their driving habits or lifestyle if the cost of gas hit $4 per gallon. And if gas were to reach $5, which it has in the Western part of the country, three-quarters said they would need to adjust their lifestyle to offset the pump price.”

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