Delaware continues to have the fastest-falling gas prices in the nation.
A report from AAA, showed a 15-cent drop in the price of the pump, four cents higher than No. 2 Ohio.
Delaware gas prices are volatile, perhaps due to the pricing power and multiple stores of Wawa and Royal Farms, with branded gas stations often following along. Both Wawa and Royal are known to quickly raise prices by a dime a gallon overnight, with slower reductions thereafter. Areas with more independent stations tend to have lower prices.
Gas prices fell into the $3.10 a gallon range, according to the Gas Buddy and AAA Fuel Price Finder. Stations with the lowest prices may require cash in order to get the lowest prices due to credit card fees.
Gas prices in Delaware are now more than 20 cents lower than thin e same period a year ago. During that period, war clouds were gathering over Ukraine.
In the mentime, motorists nationwide are seeing lower gas prices, at least for now.
Delaware’s gas prices
| Regular | Mid-Grade | Premium | Diesel | |
|---|---|---|---|---|
| Current Avg. | $3.193 | $3.678 | $3.919 | $4.185 |
| Yesterday Avg. | $3.207 | $3.705 | $3.940 | $4.205 |
| Week Ago Avg. | $3.330 | $3.787 | $4.075 | $4.329 |
| Month Ago Avg. | $3.197 | $3.650 | $3.922 | $4.210 |
| Year Ago Avg. | $3.538 | $3.879 | $4.118 | $3.896 |
Drivers may have a little more in their wallets as we head toward Valentine’s Day,” said Andrew Gross, AAA spokesperson, “and if gas demand and oil costs remain low, drivers will likely see pump prices drop through next week.”
According to new data from the Energy Information Administration, gas demand dipped slightly from 8.49 million to 8.43 million barrels a day last week. The current gas demand rate is approximately 700,000 barrels a day lower than the rate during the first week of February 2022, helping to explain why gas prices are declining. Meanwhile, total domestic gasoline stocks increased significantly by 5 million bbl to 239.6 million bbl last week. If gas demand remains low amid growing total domestic stocks, pump prices will drop further.
Crude oil prices are nowaround $80 a barrel after staying in the 70s. That could mean higher prices down the line, especially when refiners switch over to more expensive summer blends.
