AAA reported that Delaware bucked the national trend and saw gas prices rise by about a dime a gallon during the past week.
Nationwide gas prices have fallen six cents to $3.34 as of Thursday. Since the price peak for 2023, the national average has either fallen or remained flat for 60 straight days.
“Drivers this Thanksgiving can expect cheaper gas prices,” said Andrew Gross, AAA spokesperson. “Ten states now have sub $3 a gallon averages, and more will join soon. So savvy drivers will find savings on their way to a turkey dinner this year.”
Gas prices in Delaware briefly hit the $3 a gallon mark. Delaware dropped out of the list of 10 states with he lowest gas prices. Gas priced below $3 a gallon was still available in Delaware but in far fewer locations.
|Week Ago Avg.||$3.015||$3.548||$3.863||$4.168|
|Month Ago Avg.||$3.058||$3.601||$3.903||$4.143|
|Year Ago Avg.||$3.730||$4.201||$4.490||$5.917|
According to new data from the Energy Information Administration, gas demand decreased from 9.49 to 8.95 million barrels last week. The EIA’s estimate for demand is unusually high for early November, but when the EIA releases monthly demand data in a few weeks, downward revisions could occur.
Meanwhile, total domestic gasoline stocks decreased by 1.5 million barrels to 215.7 million barrels. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. If gas demand and the cost of oil remain low, drivers can expect further price drops ahead of Thanksgiving.
Crude oil prices have fallen due to fewer market concerns that the conflict in the Middle East will escalate, which could lead to a reduction in regional oil production and higher prices. Additionally, the EIA reported that total domestic commercial crude inventories increased by 3.6 million barrels to 439.4 million barrels last week.