Delaware leads nation in gas price decline

Delaware saw the sharpest drop in gas prices over the past week, AAA reported.

The nation’s top 10 largest weekly decreases as of Monday were Delaware (15 cents), Ohio (12 cents), Maryland (9 cents), South Carolina (9 cents), Tennessee (9 cents), Alabama (8 cents), Michigan (8 cents), Indiana (8 cents), Florida (8 cents) and Virginia (7 cents). 

Delaware gasoline is now slightly below figures posted a year ago, shortly before the Russian invasion of Ukraine led to soaring gas prices.

Gasoline prices have remained volatile in the First State for reasons that may include the high concentration of chain convenenience stores that tend to set prices statewide. Areas with independent stations tend to have lower prices.

By contrast, the national average for a gallon of gas barely budged over the past week, drifting lower by three cents to $3.47 on Monday. Last week’s decision by OPEC+ to maintain current production levels and not make any cuts led to lower oil prices.

But Friday’s blockbuster U.S. report of 517,000 jobs added in January, dropping the unemployment rate to a 54-year low of 3.4%, may have the opposite effect. If recession fears are fading, a healthier global economy would lead to more demand for oil and higher prices. 

“Keep an eye on the price of oil,” said Andrew Gross, AAA spokesperson, “because oil currently accounts for nearly 60% of what we pay at the pump. And rising or falling oil prices can have a direct impact on motorists’ wallets.” 

According to data from the Energy Information Administration, gas demand rose from 8.14 million to 8.49 million barrels a day last week. Meanwhile, total domestic gasoline stocks increased by 2.6 million barrels to 234.6 million barrels. Despite rising gas demand, total supply growth limited press increases.

Today’s national average of $3.47 is 18 cents more than a month ago and four cents more than a year ago.

According to AAA’s Fuel Price Finder, the price of regular has fallen as low as $3.20 a gallon in Middletown and Dover.

Delaware’s average gas prices