Gas prices in Delaware are down six cents from a week ago as crude oil prices struggle to break the $70 a barrel mark.
A year ago this weeek, the Delaware gas price average reached $4.99 per gallon, setting an all-time record. Gas prices in Delaware have dropped 32% since last year AAA Mid-Atlantic reported.
“This time last year gas prices were above $5.00 in many areas, causing motorists to adjust driving and spending habits,” said Jana Tidwell, spokesperson for AAA Mid-Atlantic. “Gas prices are more than $1 per gallon less than this time last year, fueling the return of the Great American Road Trip and what is likely to be the busiest summer travel season we’ve seen in years. If Memorial Day weekend was any indication, significantly lower gas prices are driving travel plans as the summer travel season kicks into high gear.”
Sunday gas prices
|Week Ago Avg.||$3.388||$3.863||$4.111||$3.678|
|Month Ago Avg.||$3.425||$3.859||$4.131||$3.778|
|Year Ago Avg.||$4.965||$5.373||$5.643||$5.934|
Recession fears due to high inflation, which has been curbed to some extent by ten straight interest rate hikes, have pushed crude oil prices lower, AAA reported.
When the price of crude oil drops gas prices typically follow, as more than half of a gallon of gasoline is made up of crude oil. Crude oil prices have dropped 40% since last June when the commodity was trading at about $120 per barrel. Crude was trading at around $70 a barrel on Friday.