Delaware gas prices have posted a small drop in the past week, AAA reported.
According to the auto club, fears of a recession drive the price of crude oil, despite recently announced production cuts from OPEC+ producers, including Russia.
Gas prices have been on a roller coaster in Delaware, with the First State having the fourth largest decrease among the 50 states in the average price for regular.
Delaware has one of the lowest gas tax rates in the nation.
Gas prices were as low as $3.18 a gallon at membership clubs in northern Delaware.
| Regular | Mid-Grade | Premium | Diesel | |
|---|---|---|---|---|
| Current Avg. | $3.355 | $3.794 | $4.060 | $3.760 |
| Yesterday Avg. | $3.347 | $3.821 | $4.053 | $3.780 |
| Week Ago Avg. | $3.407 | $3.843 | $4.112 | $3.835 |
| Month Ago Avg. | $3.485 | $3.934 | $4.198 | $4.074 |
| Year Ago Avg. | $4.401 | $4.741 | $4.998 | $5.977 |
The price for oil dropped nearly $20 per barrel recently to the upper $60 range but recovered somewhat and as of Monday was trading at $73.
“The oil market volatility is leading to lower prices,” said Andrew Gross, AAA spokesperson. “And we are also in a pre-summer driving season lull regarding domestic demand. These two factors should keep pump prices drifting lower for now.”
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.51 to 8.62 million barrels a day.That number is subject to revision.
Meanwhile, total domestic gasoline stocks increased by 1.8 million bbl to 222.9 million bbl. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower. If demand remains low, drivers will likely continue to see price declines.
- Since last Thursday, these 10 states have seen the largest decreases in their averages: Texas (−12 cents), Ohio (−11 cents), Michigan (−11 cents), Delaware (−11 cents), Tennessee (−10 cents), Indiana (−10 cents), Maryland (−9 cents), Iowa (−8 cents), Florida (−8 cents) and North Carolina (−8 cents).
