The decline in Delaware gas prices shows signs of slowing


Nick Perez,

A spike in crude oil prices and rumors of a cut in oil production may slow the decline in Delaware's gas prices.

Nationally, the gas price average dropped to $1.91 a gallon on Tuesday and AAA expects it'll go to $1.75, with several East Coast states reaching $1.99 by May.

In the First State, average gas prices dropped 44 cents since March 1 to $1.88, the lowest price since 2016, according to AAA Mid-Atlantic. 

"We would be celebrating if we weren't going through this [coronavirus]," AAA's Public and Government Affairs Manager for Delaware Ken Grant said. "But now we see gas prices drop by a few cents a week."

Though gas prices have been dropping since the start of March, it's slowed since April 1, with Dover seeing the biggest drops in the state.

President Donald Trump told CNBC Thursday he expects Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to cut oil production, which would force the prices up. Trump made no reference to a time frame or how the cuts would be distributed.

That came after crude oil prices jumped over 20% for two companies.

AAA said Monday that the agency doesn't believe those cuts will impact gas prices in the near-term.

Center for Strategic and International Studies' Senior Fellow Ben Cahill told Delaware Online/The News Journal the price may continue to decline more slowly, but the demand will continue to drop as the country is being ordered to stay at home because of the coronavirus pandemic.

The last time gas prices dropped drastically across the country was during the Great Recession. The price dropped 153% in July 2008 to $1.62 for a gallon of unleaded gas at the end of the year, according AAA data.

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