Slowing demand places downward strain on Delaware fuel worth

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Delaware drivers on average paid four cents a gallon less at the pump this week as demand remains sluggish.

Today’s national gas price average is $2.14, down two cents in the last week, down four cents in the last month, and down 47 cents from this time last year.

The lowest prices in Delaware continue to come from warehouse clubs, with Sam’s Club in Dover posting a $1.92 a gallon price, with BJ’s and Costco stores in northern Delaware at $2 a gallon. Warehouse clubs charge between $55 and $60 a year in membership fees.

Southern New Jersey continues to see the lowest gas prices, despite having sharply higher gas taxes than Delaware and full-service

CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

10/30/20

Week Ago

Year Ago

National

$2.14

$2.16

$2.61

Pennsylvania

$2.46

$2.47

$2.76

Philadelphia
(5-county)

$2.44

$2.44

$2.73

South Jersey

$2.17

$2.19

$2.48

DELAWARE

$2.24

$2.28

$2.35

Crude Oil

$35.79
per barrel
(Fri. 10/30/20 close)

$39.85
per barrel
(10/23/20)

$56.20
per barrel
(11/1/19)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $35.79 per barrel, $4.06 lower than last Friday’s close.

Domestic crude prices fell due to market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions.

The drop in crude prices was also supported by a new weekly report showing that total domestic crude inventories grew last week. As demand concerns continue to weigh on the market, crude prices will likely continue to decline.

“The U.S. has a very healthy level of gasoline stocks due to lower demand and that is keeping gas prices low,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “The majority of states have cheaper gas prices compared to last month and that downward trend at the pump is likely to continue.”

AAA has a variety of resources to help motorists save on fuel:

To check out gas prices in your area, log on to AAA’s Fuel Price Finder(http://www.AAA.com/fuelfinder).

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