Gas Prices Continue to Fall Nationally – and in Delaware

Gas prices continue to fall – the national average for a gallon of gas dropped 6 cents last week to $3.23 while the price in Delaware fell 15 cents – dropping below the $3 mark to $2.99 a gallon!

For EV drivers – the national average for a kilowatt-per hour of electricity at a Level 2 commercial charging station is 35 cents – in Delaware the average is at 26 cents – an increase of 1 cent for each.  

AAA Mid-Atlantic officials say there are multiple states east of the Rockies with gas prices below $3 – if the national average follows – it would be the first time the price at the pump fell below $3 nationally since May of 2021!

Additional information from AAA Mid-Atlantic:

At the close of Friday’s formal trading session, West Texas Intermediate Crude Oil (WTI) rose by $1.49 to settle at $69.16 a barrel. The Energy Information Administration (EIA) reports that crude oil inventories increased by 0.8 million barrels from the previous week. At 419.1 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

According to new data from the EIA, gas demand fell last week from 8.93 million b/d to 8.47. Meanwhile, total domestic gasoline stocks rose 219.2 to 221.6 million barrels, and gasoline production decreased last week, averaging 9.4 million barrels per day. Tumbling gasoline demand and oil costs will likely keep pump prices sliding.