Gas prices down as demand dips

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The price at the pump in Delaware has fallen by 13 cents a gallon over the past week as demand weakened and crude oil prices followed suit.

The price for regular fell by as much as 10 cents a gallon at some stations on Tuesday.

Still, motorists have seen gas prices rise by nearly a quarter a gallon during the past month.

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Delaware’s average gas prices

PeriodRegularMid-GradePremiumDiesel
Current Avg.$4.824$5.284$5.532$5.816
Yesterday Avg.$4.833$5.292$5.550$5.819
Week Ago Avg.$4.953$5.374$5.638$5.926
Month Ago Avg.$4.583$4.942$5.200$5.948
Year Ago Avg.$2.987$3.376$3.622$3.235
From AAA

The price of crude in Monday trading was $1.09 a barrel after flirting with $120. The price has risen in the past couple of days as the stock market posts gains.

“Fear is not a good reason to move a market like the one for oil, but it is a powerful motivator,” said Andrew Gross, AAA spokesperson. “The cost of oil accounts for nearly $3 for every $4.89 at the gas pump. Consumers should find more relief when fueling up if oil prices drop further.” 

One key gas price indicator was unavailable to AAA for this week’s report. The U.S. Energy Information Administration (EIA) said it was delaying the release of gasoline demand data because of “systems issues.” Demand is a sign of whether motorists are fueling up or not, which in turn may be reflected in higher or lower pump prices. 

President Joe Biden has been hinting at a holiday on the federal gas tax and would like states to do the same thing.

Delaware officials cited the state’s bonding requirements for a reliable source of revenue as a reason for not following Maryland in its earlier 30-day gas price holiday.

Whether a federal gas tax holiday would make its way to motorists is debatable.

For example, gas prices in Delaware, which has the lowest gas tax in the region, are not that much cheaper than in New Jersey and Maryland, states with markedly higher gas taxes.

To check out gas prices in your neighborhood, log on to AAA’s Fuel Finder. The price at the pump fell to as low as $4.61 at a station in Hartly in Kent County. Regular was available at a number of locations for $4.70 a gallon.

Gas prices in the Bear-Glasgow area were affected by an occasional “gas war” in neighboring Elkton, MD. Gas was selling for $4.70 a gallon at some stations, despite a state gas tax that is a dozen cents above Delaware’s figure.

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