Gasoline prices fall ahead of Labor Day

Image courtesy of AAA Mid-Atlantic

Gasoline prices nationwide have fallen 6 cents since last week, to $3.37 per gallon. In Delaware, the price at the pump has fallen 9 cents over the past week, to $3.21. Officials at AAA Mid-Atlantic say domestic gasoline inventories fell last week, but gasoline production increased. Weak gasoline demand, stable supply and low oil prices could drive the price at the pump even lower – just in time for Labor Day.

As for electric vehicle costs, the national average for Level 2 commercial electricity has been stable for a month. In Pennsylvania, the average price for a kilowatt-hour of electricity at a Level 2 commercial charging station is 35 cents. In Delaware, the average is 25 cents. The national average is 34 cents.

At the end of the official trading session on Friday, West Texas Intermediate (WTI) Crude was trading at 74.83 per barrel. The Energy Information Administration (EIA) reports that crude oil inventories fell by 4.6 million barrels compared to the previous week. At 426.0 million barrels, US crude oil inventories are about 5% below the five-year average for this time of year.

The weekend

“The war clouds overseas are less dark right now and the Atlantic is also calm now, which is easing pressure on oil prices,” said Jana Tidwell, spokeswoman for AAA Mid-Atlantic. “More and more retail locations east of the Rockies are selling gasoline for under $3 a gallon. Will this trend continue through the end of the year? Stay tuned.”