Gas Prices Falling for the Holidays & Holiday Travelers
Gas prices keep dropping ahead of Christmas. The national average for a gallon of gas has dropped 10 cents since last week to $3.08 on Friday. In Delaware the price has dropped 7 cents in the last week to $2.96 a gallon. AAA Mid-Atlantic officials say tepid demand and the low cost of oil – now at just over $71-per barrel – have helped keep prices lower. They add that if oil prices remain low, drivers can expect pump prices to do the same through the holidays.
AAA Mid-Atlantic says that roughly 104 million Americans will drive to their holiday destinations this year, and they will be greeted with the gift of falling gas prices and if those prices continue to fall – the national average could drop below the $3-a gallon mark by the end of the year.
Additional information from AAA Mid-Atlantic:
The national average for a gallon of gas dropped below the 2022 low of $3.09 this week and will likely dip further in the coming days. For those keeping score at home, last year’s low came on December 23.
At the close of Friday’s trading session, WTI settled at $71.43, eking out a slight gain for the week, the first weekly gain in eight weeks.
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.47 to 8.86 million barrels per day (bpd) last week. Meanwhile, total domestic gasoline stocks increased slightly to 224 million barrels. Typically, higher demand would push pump prices higher, but lower oil prices have pushed prices lower.
