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Delaware continues to have the fastest-falling gas prices in the nation.
A report from AAA, showed a 15-cents drop in the price of the pump four cents higher than No. 2 Ohio.
Delaware gas prices are volatile, perhaps due to the pricing power and multiple stores of Wawa and Royal Farms with branded gas stations often following suit. Both Wawa and Royal are known to quickly reaise prices by a dime a gallon overnight, with slower reductions thereafter. Areas with more independent stations tend to have lower prices.
Gas prices in Delaware are now about 25 cetns cheaper than the same period a year ago.
In the mentime, motorists nationwide are seeing lower gas prices, at least for now.
Delaware’s gas prices
| Timeframe | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.247 | $3.731 | $3.981 | $4.255 |
| Yesterday Avg. | $3.275 | $3.748 | $4.008 | $4.272 |
| Week Ago Avg. | $3.396 | $3.868 | $4.133 | $4.425 |
| Month Ago Avg. | $3.269 | $3.717 | $3.990 | $4.384 |
| Year Ago Avg. | $3.513 | $3.841 | $4.090 | $3.866 |
Drivers may have a little more in their wallets as we head toward Valentine’s Day,” said Andrew Gross, AAA spokesperson, “and if gas demand and oil costs remain low, drivers will likely see pump prices drop through next week.”
According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.49 million to 8.43 million b/d last week. The current gas demand rate is approximately 700,000 b/d lower than the rate during the first week of February 2022, helping to explain why gas prices are declining. Meanwhile, total domestic gasoline stocks increased significantly by 5 million bbl to 239.6 million bbl last week. If gas demand remains low amid growing total domestic stocks, pump prices will drop further.
Crude oil prices are now nearing $80 a barrel after staying in the 70s.