|Week Ago Avg.||$3.922||$4.406||$4.625||$4.951|
|Month Ago Avg.||$4.022||$4.490||$4.733||$4.860|
|Year Ago Avg.||$2.667||$3.066||$3.302||$3.006|
Delaware gas prices are near the $4 a gallon mark following the end of Maryland’s tax holiday.
The 30-day tax holiday expired on Sunday, leading to lines at some stations on Saturday.
The price at the pump in Delaware rose about three cents a gallon from Tuesday and about eight cents during the past week, with price leaders Wawa and Royal Farms raising prices by as much as a dime a gallon.
Limiting downward pressure on prices is crude oil, which was trading at $103 a barrel on the NYMEX exchange.
The United States and other nations have been releasing their strategic petroleum reserves in an effort to lower prices on a product that is contributing to spiraling inflation.
The national gas price average was $4.11 a gallon, up a couple of cents during the past week.
A year ago, motorists were only paying under $2.70 a gallon for regular.
Membership warehouses, BJ’s and Costco in northern Delaware posted the lowest price at the pump – $3.80 as of Wednesday morning. Costco and BJ’s charge a yearly membership of around $60.
AAA reported the drop in gas prices has slowed to a crawl over concerns about increased global oil prices and the return of seasonal domestic gas demands. The war in Ukraine and fear of less Russian oil entering the market caused the price of crude to creep back above $100 a barrel.
“As the days get longer, the weather gets warmer, and pump prices dip from their record highs, consumers feel more confident about hitting the road,” said Andrew Gross, AAA spokesperson. “But these lower pump prices could be temporary if the global price of oil increases due to constrained supply.”
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 3.5 million bbl to 233.1 million bbl last week. Gasoline demand increased slightly from 8.5 million barrels a day to 8.73 million barrels a day. Pump prices will likely face downward pressure if oil prices remain a hair above $100 per barrel.
To check out gas prices in your neighborhood, log on to AAA’s Fuel Finder.