The decline in pump prices accelerated last week, with Delaware seeing among the steepest declines.
The primary culprits are slack demand and the falling cost of crude oil.
The price of regular gas in Delaware fell about 17 cents a gallon during the past week and nearly a quarter during the past month. That adds up to $5 in savings on a 15-gallon fill-up from a month ago.
On Sunday, the Costco and BJ’s membership clubs in northern Delaware were posting $3 a gallon gas prices for regular, with a few stations matching that figure, according to AAA’s Fuel Finder site. Gas prices below $3.15 a gallon were commonplace.
“Drivers are finally seeing some relief at the pump as the seasonal swoon picks up momentum,” said Andrew Gross, AAA spokesperson. “At least one state has locations selling gas below $3 a gallon, and we should begin to see more states join in over the next few weeks.”
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.224 | $3.768 | $4.064 | $4.257 |
| Yesterday Avg. | $3.234 | $3.772 | $4.092 | $4.259 |
| Week Ago Avg. | $3.390 | $3.936 | $4.215 | $4.332 |
| Month Ago Avg. | $3.561 | $4.074 | $4.367 | $4.362 |
| Year Ago Avg. | $3.553 | $3.967 | $4.269 | $4.859 |
On Monday, crude oil was trading around $86 a barrel after hovering in the $90 range. However, the price of crude was up $3 a barrel, influenced by news of the war between Israel and Hamas, with the militant group likely supported by oil producer Iran.
Oil prices fell due to rising market concerns that if interest rates continue to increase, the economy could fall into a recession.
