Gas Prices Continue to Fall
Gas prices continue to fall and holiday travelers are finding better prices at the pump than earlier in the season. The national average for a gallon of gas was at $3.80 on Friday – a drop of 6 cents on the week – but still 62 cents higher than a year ago. However in mid-June gas prices hit an all-time record high price of $5.01. Last week in Delaware the price at the pump was at $3.60 – a drop of 13 cents on the week – and 62 cents higher than a year ago.
AAA Mid-Atlantic officials say that while demand for gasoline has increased – lower oil prices – this week at $86.87 per barrel – nearly a drop of $7 from last week – are keeping the price at the pump lower.
Beyond Labor Day, hurricane season brings an uncertain variable to the gas price equation. These storms can affect prices by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries.