Gas price drops to $2.93 a gallon

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Delaware’s average gas price well fell below the $3 a gallon mark in the new year, about 37 cents below a year ago. Further price declines took place over the weekend.

Earlier this month, AAA reported that Delaware ranked fourth in the weekly decline in gas prices.

“January is a bit of blah time of year, and gas prices are in the doldrums as well,” said Andrew Gross, AAA spokesperson. “Barring some unexpected shock to the global oil market, gas prices will likely shuffle up and down a few cents for a while.”

The price at the pump fell to as low as $2.74 a gallon at a Sam’s membership club location in Dover. You can check out gas prices in your neighborhood through AAA’s fuel price finder.

Among the state’s three counties, Sussex reported an average price of $2.91 a gallon. Sussex has seen a surge in convenience store-gas station construction that has increased competition. Prices were a few cents higher in Kent and New Castle counties.

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According to new data from the Energy Information Administration, demand dropped sharply from 9.17 to 7.95 million barrels a day last week.

Meanwhile, total domestic gasoline stocks increased substantially by 10.9 million bbl to 237 million barrels. Weak gas demand, alongside increased supply, has pushed pump prices lower.

However, crude rising oil prices, driven by tensions in the Middle East, have limited price decreases. Still, if gas demand remains weak, drivers could see prices trickle downward. As of Monday morning, the price of crude oil had slipped below $71 a barrel.

Interestingly enough, the U.S. is now the world’s largest oil producer and the leading exporter to the European Union, which buys less crude oil than Russia.

Delaware gas prices

TimeframeRegularMid-GradePremiumDiesel
Current Avg.$2.928$3.481$3.756$3.823
Yesterday Avg.$2.960$3.506$3.791$3.872
Week Ago Avg.$3.028$3.574$3.874$3.959
Month Ago Avg.$3.035$3.540$3.850$4.061
Year Ago Avg.$3.304$3.739$4.019$4.480

As of early this month, these  10 states have seen the largest decreases in their averages: Ohio (−14 cents), Indiana (−10 cents), Florida (−9 cents), Delaware (−8 cents), Michigan (−8 cents), Maryland (−7 cents), Wyoming (−7 cents), Tennessee (−6 cents), Idaho (−6 cents) and Nebraska (−6 cents).

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