Delaware gas prices remain well below national average

AAA reported that Delaware gas prices rose about a penny during the past week.

While domestic gas demand has been lackluster, rising crude oil prices pushed pump prices higher, AAA reported.

Delaware’s price at the pump is now more than 20 cents lower than the national average and is well below neighboring states. Delaware has one of the nation’s lowest gas taxes. That has not always been reflected in the price at the pump.

The Midwest may see a price reprieve, as the large BP Whiting refinery in Indiana is back up and running after being down since February 1^st. The refinery is three times larger than Delaware’s PBF refinery.

In Delaware, warehouse clubs BJ’s and Costco posted prices below $3.20 a gallon, with a few independent stations following suit.

“Gas prices are a lot like seasonal temperatures.  They start to rise with the arrival of spring, said Andrew Gross, AAA spokesperson. “And the national average for gas is now higher than a year ago, which we have not seen since late December.”

Saturday gas prices

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.04 to 8.81 million barrels a day last week. Meanwhile, total domestic gasoline stocks dropped by 3.3 million bbl to 230.8 million bbl. Lower demand would typically contribute to pushing pump prices lower or slowing increases, but rising oil prices have the opposite effect.

Crude oil prices closed the week at around $81 a barrel. Oil prices fell earlier in the week when the US Federal Reserve announced it was leaving interest rates unchanged but expects three rate cuts by the end of 2024.