Gas & Crude Oil Prices Continue to Fall


Image courtesy AAA Mid-Atlantic

The price at the pump continues to fall. At the national level, the price of gas dropped 8 cents in the last week – dropping to $3.43 per gallon. In Delaware the price at the pump fell 9 cents last week to an average of $3.10.

AAA Mid-Atlantic officials say that data from the Energy Information Administration shows gas demand decreased slightly from 8.86 to 8.7 million b/d last week. Meanwhile, total domestic gasoline stocks remained flat at 223.5 million bbl. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. If the price of oil remains low, drivers can expect to see further price drops.

Crude oil prices are now just over $80 per barrel – a drop of over $5 per barrel from last week.

Additional information from AAA Mid-Atlantic:
β€œThere are now thousands of gas stations selling regular below $3 a gallon and even a few that have dipped below $2,” said Jana Tidwell, spokesperson for AAA Mid-Atlantic. β€œWe still need to watch global events for the effect on oil prices, but for now, drivers will benefit from falling prices with every visit to the pump.”