Gas Price Averages Drop for Second Straight Week
Drivers have been experiencing some relief at the pumps in recent days. The national average for a gallon of regular gasoline is down 18 cents since last week to $4.24, according to AAA. This marks the second straight week of decline. Pump prices are cooling off as the price of crude oil remains below $100 per barrel. However, uncertainty lingers over when the Strait of Hormuz will fully reopen and resume traffic. That unknown means oil prices will likely not decrease dramatically as summertime gasoline demand starts going up. The Delaware gas price average is $4.02 today, down 20 cents in the last week and $1.09 higher than one year ago. The South Jersey gas price average is $4.23 today, down 15 cents in the last week and up $1.28 compared to one year ago. The national average per kilowatt hour of electricity at a public EV charging station remained the same this past week at 41 cents and in Delaware unchanged at 37 cents.
Additional Information from AAA:
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In Pennsylvania, the gas average is $4.41 today, down 14 cents in the last week and up $1.17 from one year ago. The Philadelphia 5-county gas price average is $4.37 per gallon, down 16 cents from last week and up $1.22 from one year ago. The South Jersey gas price average is $4.23 today, down 15 cents in the last week and up $1.28 compared to one year ago. The Delaware gas price average is $4.02 today, down 20 cents in the last week and $1.09 higher than one year ago.
The national average per kilowatt hour of electricity at a public EV charging station remained the same this past week at 41 cents.
CURRENT AND PAST GAS PRICE AVERAGES Regular Unleaded Gasoline (*indicates record high)
CURRENT EV COST AVERAGES Per kWh of electricity at an L2 commercial charging station
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.25 million b/d to 8.59 million. Total domestic gasoline supply increased from 211.6 million barrels to 215 million. Gasoline production decreased last week, averaging 9.4 million barrels per day.
At the close of Wednesday’s formal trading session, WTI rose $2.26 to settle at $96.02 a barrel. The EIA reports crude oil inventories decreased by 8 million barrels from the previous week. At 433.7 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.
The Weekend “Gas prices across Pennsylvania and Delaware continue to fall, with the state averages declining 14 cents and 20 cents respectively in the past week, bringing some relief to drivers,” says Jana Tidwell, spokesperson for AAA Club Alliance. “The decline can be attributed to falling crude oil prices, amid optimism of a peace deal between the U.S. and Iran. However, it remains a volatile situation. If the war ends, gas prices will likely continue to fall. It the war continues, we’ll likely see prices go back up.”
AAA has a variety of resources to help motorists save on fuel:
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