It’s the first full week of the New Year and Delawareans are enjoying the cheapest gas prices since 2016.
AAA Mid-Atlantic points out Delaware rang in 2019 with prices at the pump 32-cents lower than New Year’s Day 2018.
“In fact Delaware is the only state outside of the midwest that made the Top 10 list for the greatest drop in gas prices in 2018; we dropped 34 cents throughout the year,” said AAA spokesperson Ken Grant.
Grant attributes the low prices, in part, to an increase in production.
“And even though demand was pretty high for a lot of the travel season, overall demand is not seem to be high enough to drive those prices back up just yet,” said Grant.
Grant says oil prices hovered between $45 and $48 dollars per barrel at the end of trading last week.
“Of course OPEC just met in December and they have talked about cutting production to try to bring the prices back up. The price per barrel is hanging around that $45 level - about $47 at the end of last week,” Grant said.
He notes the price for a gallon of regular in the First State is currently averaging $2.08 per gallon. That’s down from $2.12 a week ago, and easily the cheapest in the region. Maryland is averaging $2.21 per gallon, while Pennsylvania sits at $2.47 a gallon and New Jersey gas is at $2.34 per gallon.
It’s also 16 cents less that the national average, which sits at $2.24.