Delaware gas prices have dropped about four cents a gallon over the past week as demand slows after the Thanksgiving travel period.
This came as AAA reported a slowdown in the steady drop in prices at the pump. The price of regular in Delaware briefly fell to $3 a gallon, but was followed by a sharp increase. Delaware has one of the nation’s lowest gss taxes.
The primary culprit is the cost of oil, which is creeping closer to $80 a barrel. Since oil is the main ingredient in gasoline, higher oil costs tend to put upward pressure on pump prices.
“The current streak of daily pump prices either falling or staying flat started on September 19,” said Andrew Gross, AAA spokesperson. “It appears this run is in jeopardy, and we may see prices edge a bit higher. But if the cost of oil eventually hits reverse and dips again, pump prices will likely follow suit. So stay tuned.”
Late this week, crude oil was trading at about $76 a barrel as traders shrugged off announced production cuts by OPEC oil producers. Despite controversy over Biden Administration energy policies from the left and right, US oil production is at an all-time high and is expected to remain that way for decades, Reuters reported.
The price at the pump in Delaware is about 35 cents cheaper than during the same period a year ago. A 15-gallon fill-up is about $5 less costly than during the same time in 2022.
Three-dollar-a-gallon gas has been harder to find in Delaware, with membership club Costco boosting its price to $2.98 a gallon after being in the $2.80s. Price leaders Wawa and Royal Farms have cut prices by a few cents a gallon at some stations to about $3.10 a gallon.
Saturday Delaware gas prices
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.109 | $3.633 | $3.925 | $4.127 |
| Yesterday Avg. | $3.119 | $3.647 | $3.946 | $4.154 |
| Week Ago Avg. | $3.149 | $3.691 | $3.966 | $4.169 |
| Month Ago Avg. | $3.119 | $3.661 | $3.964 | $4.266 |
| Year Ago Avg. | $3.443 | $3.909 | $4.229 | $5.593 |
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.48 to 8.21 million barrels a day last week. Meanwhile, total domestic gasoline stocks increased by 1.8 million barrels to 218.2 million barrels. Lower gas demand has blunted the effects of higher crude oil prices.
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