The decline in Delaware gas prices is over with the state’s average price at the pump up from a week ago, AAA reported on Monday.
The price at the pump has risen about eight cents from a week ago, but remained about 80 cents above the same period in 2022 as the Russian invasion of Ukraine shook up markets.
Fewer Delaware stations were selling gas at $3 a gallon or less. Gas prices often go up leading into Memorial Day due to more expensive to refine summer fuels making their way to stations.
AAA reported fears of a recession caused global oil prices to hover around $70 a barrel, mitigating a rise in gas prices. The price of crude has risen. (See Delaware average gas prices below).
|Week Ago Avg.||$3.197||$3.657||$3.928||$3.908|
|Month Ago Avg.||$3.086||$3.539||$3.789||$4.099|
|Year Ago Avg.||$4.086||$4.527||$4.765||$5.125|
“We may be seeing a return to seasonal trends in demand with warmer weather and longer days,” Andrew Gross, AAA spokesperson, said last week. “But waffling oil prices could mitigate any increase at the pump for now.”
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.59 million to 8.96 million barrels a day last week.
Meanwhile, total domestic gasoline stocks decreased significantly by 6.4 million barrels to 229.6 million bbl last week. Increasing demand amid tighter supply would typically push pump prices higher; however, recent lower crude oil prices have pushed prices down.
Last week, Delaware reported the second largest decrease in gas prices among the 50 states. Delaware gas priices tend to be volatile with large jumps followed by slow decllines.
To find gas prices in your neighborhood, log on to AAA’s Fuel Price Finder.