Delaware gas prices have dropped in recent days as crude oil stayed below $80 barrel.
According to AAA, the price at the pump on Thursday fell about a nickel a gallon from a week ago, but remains about 17 cents above the same period in July. Filling up a work truck with 20 gallons of regular costs an additional $3.40 when compared to the same week a month ago.
Prices could drop a bit further, depending on demand, with price leaders Wawa and Royal Farms reducing the price per gallon by 10 cents at some locations.
Gas prices are now within seven cents of last year’s numbers. Prices plunged after rising to nearly $5 a gallon in Delaware in 2022.
Since that time, Saudi Arabia and Russia have announced curbs on oil production due to weaker demand and signs of economic weakness in China.
As of Thursday, crude oil futures were trading in the neighborhood of $78 a barrel.
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.703 | $4.228 | $4.525 | $4.264 |
| Yesterday Avg. | $3.758 | $4.258 | $4.527 | $4.288 |
| Week Ago Avg. | $3.769 | $4.229 | $4.524 | $4.247 |
| Month Ago Avg. | $3.528 | $4.015 | $4.333 | $3.749 |
| Year Ago Avg. | $3.778 | $4.283 | $4.533 | $4.770 |
In the coming weeks, gas prices are expected to be influenced by hurricane activity in and around the Gulf of Mexico, an area that produces and refines much of the nation’s oil.
Downward pressure on gas prices may come after Labor Day, the traditional end of the summer driving season.
Northern Delaware warehouse clubs Costco and BJ’s posted the lowest price at $3.54 a gallon. Warehouse club memberships run $50 to $60 a year, but often offer gas prices that are 10 to 20 cents a gallon cheaper. The presence of the clubs also tend to lead to lower prices at stations around the warehouse.
