Gas Prices Falling Ahead of the Labor Day Holiday

                               Image courtesy AAA Mid-Atlantic

Gas prices dropped 6 cents nationally since last week to $3.37 a gallon. In Delaware the price at the pump is down 9 cents in the lat week to $3.21. Officials at AAA Mid-Atlantic say that domestic gasoline stocks fell last week, but gasoline production increased. Mild gasoline demand, steady supply and low oil costs may cause the price at the pump to slide further – just in time for the Labor Day holiday.

As for EV costs – the national average for L2 commercial electricity has held steady for a month.  In Pennsylvania, the average for a kilowatt of electricity at an L2 commercial charging station is 35 cents. In Delaware, the average is 25 cents. The national average is 34 cents.

At the close of Friday’s formal trading session, West Texas Intermediate (WTI) Crude settled at 74.83 per barrel. The Energy Information Administration (EIA) reports that crude oil inventories decreased by 4.6 million barrels from the previous week. At 426.0 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

The Weekend

“The clouds of war overseas are less dark at the moment and the Atlantic is quiet now too, which is taking pressure off of oil prices,” said Jana Tidwell, spokesperson for AAA Mid-Atlantic. “More retail locations east of the Rockies are selling gas below $3 a gallon. Will this trend continue through the end of the year? Stay tuned.”