The price of regular gas in Delaware dropped by a penny on Monday.
The current price is up about a nickel from a week ago and 25 cents from a month ago. After a decline last week, crude oil was trading at $82 a barrel.
Still, a few stations were selling regular at or below $3.56 a gallon, often at membership clubs like Costco and BJ’s.
|Week Ago Avg.||$3.640||$4.095||$4.388||$3.839|
|Month Ago Avg.||$3.439||$3.910||$4.183||$3.698|
|Year Ago Avg.||$3.945||$4.410||$4.694||$4.980|
The gas price is less than 25 cents a gallon lower than a year ago. During this period in 2022, gas prices had dropped about a dollar a gallon from their peak.
The recent spike means businesses are paying about $5 more for a 20-gallon fill-up than a month ago.
The Biden Administration delayed a purchase that would add to the nation’s strategic oil reserve while waiting for a better price. The administration had taken heat from Republicans for tapping into the reserve to reduce the impact of price spikes.
Still, the worst could be over, according to AAA.
“Last month’s extreme heat played a role in the recent spike in gas prices due to some refineries pulling back, but now operations are getting back to normal,” said Andrew Gross, AAA spokesperson. The nation has not added to capacity in recent years and refineries often run near capacity during peak periods.
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 8.94 to 8.84 million barrels a day.
Meanwhile, total domestic gasoline stocks increased by 1.5 million barrels to 219.1 million barrels. Lower gas demand amid increasing supply will likely help to slow price increases in the days ahead.
Last week, crude prices tumbled for a time when one service placed a lower rating on the nation’s debt. However, recent figures showed an economy that is not seeing a big slowdown, and the price of crude rose.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.