Gas prices in Delaware have fallen 13 cents a gallon in the past week and nearly 40 cents durng the past month, AAA reported.
AAA’s Fuel Price Finder reported $3 a gallon gas at a number of locations. Membership clubs including Sam’s in Dover, BJ’s and Costco were posting gas pries at or under the $3 mark. The clubs charge around $50 a year in membership fees.
Driving the decline is a drop in crude oil prices.
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.119 | $3.558 | $3.816 | $4.169 |
| Yesterday Avg. | $3.138 | $3.583 | $3.852 | $4.188 |
| Week Ago Avg. | $3.236 | $3.678 | $3.936 | $4.260 |
| Month Ago Avg. | $3.490 | $3.903 | $4.141 | $4.474 |
| Year Ago Avg. | $3.597 | $3.952 | $4.194 | $3.998 |
AAA reported that crude oil prices fell about $5 a barrel during the past week and are now in the mid $70 a barrel range.
“The cost for oil accounts for 55% of what we pay at the pump,” said Andrew Gross, AAA spokesperson, “so higher or lower oil costs will play a major role in the price we pay when fueling up.”
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from last week.
However, total domestic gasoline stocks decreased by 1.8 million bbl to 240.1 million bbl last week. However, fluctuating oil prices have contributed to pushing pump prices lower. But if gas demand keeps rising amid tightening domestic stocks, drivers may see an end to the decline.
At the same time AAA, crude prices have declined due to the strengthening of the dollar and market concerns about increasing domestic oil inventories. An increase in supply could mean that demand may not move as high as anticipated.
