AAA: Gas Prices Fall for Third Straight Week
Prices at the pump have fallen for the third straight week. Delaware’s gas price average has dropped 46 cents in three weeks. In the First State, the average price at the pump for a gallon of regular is $3.88 today, down 14 cents in the last week. The South Jersey gas price average is $4.10 today, down 13 cents in the last week. AAA reports that since May 21st, the national average has dropped from $4.56 to $4.12 thanks to crude oil prices remaining below $100 per barrel. Gas prices typically peak around this time of year, but uncertainty surrounding the Strait of Hormuz makes this year more unpredictable. Pump prices remain at four-year highs, but the national average is currently far from the record set on June 11, 2022, of $5 per gallon. The national average per kilowatt hour of electricity at a public EV charging station went up one cent this past week to 42 cents, while in Delaware the average went up one cent to 38 cents.
Additional Information from AAA:
The Week The national average for a gallon of regular has been falling for three straight weeks, delivering some relief to drivers during the busy summer travel season. Since May 21, the national average has dropped from $4.56 to $4.12 thanks to crude oil prices remaining below $100 per barrel. Gas prices typically peak around this time of year, but uncertainty surrounding the Strait of Hormuz makes this year more unpredictable. Pump prices remain at four-year highs, but the national average is currently far from the record set on June 11, 2022, of $5 per gallon.
In Pennsylvania, the gas average is $4.26 today, down 3 cents in the last week and up $1.04 from one year ago. The Philadelphia 5-county gas price average is $4.21 per gallon, down 16 cents from last week and up $1.06 from one year ago. The South Jersey gas price average is $4.10 today, down 13 cents in the last week and up $1.11 compared to one year ago. The Delaware gas price average is $3.88 today, down 14 cents in the last week and $0.93 higher than one year ago. The national average per kilowatt hour of electricity at a public EV charging station went up one cent this past week to 42 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 increased last week from 8.59 million b/d to
At the close of Wednesday’s formal trading session, WTI rose $1.83 to settle at $90.03 a barrel. The EIA reports crude oil inventories decreased by 7.2 million barrels from the previous week. At 426.5 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
The Weekend “In the last three weeks gas prices in Pennsylvania dropped 38 cents and prices in Delaware dropped 46 cents, providing some relief at the pump,” says Jana Tidwell, spokesperson for AAA Club Alliance. “Falling crude oil prices have helped ease pressure on fuel costs, allowing drivers to benefit from lower prices. While the trend is encouraging, oil markets remain volatile, and future price movements will depend on global economic and geopolitical developments.”
AAA has a variety of resources to help motorists save on fuel:
|