Despite the war between Israel and the Hamas terrorist group, gas prices continue to fall.
During the past, the price at the pump fell by 14 cents a gallon and about 50 cents during the past month. That amounts to nearly $7.50 savings on a 15-gallon fill-up.
Delaware also made its way into the ranks of states with the cheapest gas prices.
Several stations were selling regular for $3 a gallon or less, with the Costco near Christiana Mall posting a $2.90 a gallon price.
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.112 | $3.671 | $3.978 | $4.184 |
| Yesterday Avg. | $3.175 | $3.713 | $4.019 | $4.212 |
| Week Ago Avg. | $3.259 | $3.791 | $4.107 | $4.275 |
| Month Ago Avg. | $3.629 | $4.100 | $4.387 | $4.426 |
| Year Ago Avg. | $3.670 | $4.088 | $4.392 | $5.079 |
Nationwide, gas prices maintained their daily decline despite the uncertainty rippling through the oil market in the days since Hamas terrorists attacked Israel. Oil prices have risen a few dollars per barrel this week, but that’s far from the roughly $40 per barrel temporary spike following last year’s Russian invasion of Ukraine.
The critical difference is that Russia is a significant oil producer, while Israel and the Palestinian territories are not. The national average for a gallon of gas fell 12 cents since last week to $3.64.
“As long as this war does not spread to include more countries in the region, the effect on the oil market will remain muted,” said Andrew Gross, AAA spokesperson. “Here in the US, there are now nine states with some county gas averages below $3 a gallon, and this number will likely increase in the coming weeks.”
According to new data from the Energy Information Administration, gas demand increased from 8.01 to 8.58 million barrels a day last week. Total domestic gasoline stocks fell by 1.3 million barrels. Tepid demand, alongside descending oil prices, has pushed pump prices lower. If oil prices continue to decline, drivers can expect further price drops at the pump in the weeks ahead.
The nation’s top 10 least expensive markets – Georgia ($3.10), Mississippi ($3.11), Texas ($3.14), South Carolina ($3.16), Alabama ($3.16), Delaware ($3.17), Louisiana ($3.18), Tennessee ($3.19), Ohio ($3.21) and Arkansas ($3.23).
Crude oil is now trading in the $85 a barrel range. Oil prices rose sharply earlier this week after Hamas attacked Israel but have since dropped as demand concerns continue to weigh on the market. If the market tips into a recession, oil prices and demand will likely decline.
Additionally, the federal government reported that total commercial crude stocks increased significantly by 10.1 million bbl to 424.2 million bbl last week.
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