Delaware gas prices continue to decline as the summer travel season continues.
During the past week, the price at the pump has dropped a dime a gallon in Delaware. Over the past month, the price per gallon has fallen by nearly 50 cents a gallon.
Crude oil fell below $100 a barrel this week and, as of Wednesday, was trading at around $96 on fears of a global economic slowdown. Analysts are not predicting the current decline will continue and point to possible actions by Russia that could send prices skyrocketing.
Delaware’s average gas prices
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $4.534 | $4.993 | $5.261 | $5.538 |
| Yesterday Avg. | $4.548 | $5.019 | $5.255 | $5.557 |
| Week Ago Avg. | $4.628 | $5.077 | $5.352 | $5.635 |
| Month Ago Avg. | $4.994 | $5.393 | $5.667 | $5.946 |
| Year Ago Avg. | $2.990 | $3.392 | $3.612 | $3.245 |
The price drop comes amid signs of lower demand.
According to new data from the Energy Information Administration, gas demand dropped from 9.41 million barrels a day to 8.06 million barrels a day last week, while total domestic gas stocks increased by 5.8 million barrels. The decrease in demand, alongside declining oil prices, helped to push pump prices down, AAA reported on Thursday.
Additionally, EIA reported that total domestic crude stocks increased by 3.3 million bbl to 427.1 million bbl last week, which is nearly 11 million barrels lower than the storage level last year.
Delaware gas prices are now about eight cents below the national average after being at or near the U.S. figure. The state’s gas prices should be lower than the national number due to Delaware’s lower-than-average state gas tax.
AAA reported that New Castle County has the highest average gas prices, with Sussex County being a few cents lower, despite coastal areas entering the busiest time of the year.
The best deals on gas can be found at membership warehouses – BJ’s, Costco, and Sam’s. The clubs generally charge annual membership fees in the $50 range. As of Thursday morning, the price at the pump at Costco’s store near Christiana Mall east of Newark had dropped to $4.26 a gallon.
Putting downward pressure on Delaware gas prices was a gas war in neighboring Maryland, with the border cities of Elkton and Salisbury posting lower average prices than Delaware stations, despite Maryland having a higher gas tax.
To check out prices in your zip code, log on to AAA’s Price Finder.
