The average price of regular gas in Delaware will likely stay below $3 a gallon into the holidays.
“AAA is forecasting that roughly 104 million Americans will drive to their holiday destinations this year, and they will be greeted with the gift of falling gas prices,” said Andrew Gross, AAA spokesperson. “With pump prices falling slowly each day, it is likely that the national average will slide below $3 per gallon by the end of the year.”
Delaware has flirted with $3 a gallon gas this year, only to see crude oil prices rise and make their way to the pump.
Gas prices are as low as $2.75 a gallon in central and southern Delaware.
Delaware average gas prices
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $2.966 | $3.476 | $3.771 | $3.980 |
| Yesterday Avg. | $2.985 | $3.497 | $3.797 | $3.994 |
| Week Ago Avg. | $3.035 | $3.540 | $3.850 | $4.061 |
| Month Ago Avg. | $3.061 | $3.559 | $3.830 | $4.090 |
| Year Ago Avg. | $3.128 | $3.636 | $3.899 | $5.025 |
According to new data from the Energy Information Administration, gas demand increased from 8.47 to 8.86 million barrels a day last week. However, total domestic gasoline stocks increased slightly to 224 million barrels. Higher demand would typically push pump prices higher, but lower crude oil prices have moved prices lower.
As of Friday, the price of crude had risen to $71, up a couple of dollars from earlier in the week.
Oil prices increased after the Federal Reserve announced that it plans to hold interest rates steady through the end of the year and potentially reduce rates up to three times in 2024. The market had been concerned that the economy could tip into a recession if interest rates kept increasing.
The modest crude oil recovery could limit further downward pressure on Delaware gas prices.
