The price of regular gas in Delawre fell below $3 a gallon on Monday, AAA reported.
Delaware ranked as the 10th cheapest state in the nation for gas, with Texas being No. 1, according to the auto club.
A 15-gallon fill-up now is about $13 cheaper than a year ago at this time.
Parked in the mid-$80s per barrel a week ago, crude has dropped several dollars a barrel, although there were signs of an uptick at the end of last week.
AAA’s Fuel Finder reported prices fell below $2.80 a gallon at independent gas stations in Middletown and at the Costco near Christiana Mall. The lowest prices sometimes require cash purchases.
“We still need to cast a wary eye on global events, which may roil the oil market and spike prices,” said Andrew Gross, AAA spokesperson. “But domestic gas prices are amid their usual seasonal swoon. Pump prices have fallen or remained flat every day since September 19.”
Delaware average gas prices
|Week Ago Avg.||$3.094||$3.652||$3.938||$4.263|
|Month Ago Avg.||$3.112||$3.671||$3.978||$4.184|
|Year Ago Avg.||$3.816||$4.256||$4.547||$5.949|
Last week, the Energy Information Administration delayed its scheduled data releases, including its weekly estimates of gasoline supply and demand, to complete a planned systems upgrade.
The EIA will resume its regular publishing schedule next week. However, given how the national average has declined this week, gas demand has likely remained flat or dipped, contributing to lower prices.
At the close of Wednesday’s formal trading session, WTI decreased by $2.04 to settle at $75.33. Oil prices fell this week due to a stronger dollar and reduced market concerns that the conflict in the Middle East will escalate, which could lead to a reduction in regional oil production and higher prices.
The price of crude did rise on Friday to more than $77 a barrel after earlier trading around $75. That could slow down the drop in prices.