Shore prices take a plunge at the pump
EASTON — Americans are used to feeling a pinch at the pumps when it comes to summer travel, but prices this year may leave a little more in the pocket than previous years.
“It is incredible. I just cannot believe it,” said Ray Grodecki of Easton, as he was fueling up his car at the Wawa on U.S. Route 50 in Easton.
“It went down to $2.09, then it jumped to $2.24, now it’s $2.02,” Grodecki said. “It’s wonderful.”
Gas prices are continuing to drop, according to a Monday, June 12, report by the American Automobile Association.
The report states the current national average at the pump is $2.34, which is cheaper than last June and substantially cheaper than 2014 prices of $3.50 per gallon. However, according to AAA’s website, the national average for Thursday, June 22, was $2.28, indicating that in 10 days the price had dropped another 6 cents.
According to the United States Energy Information Administration, the last time gas prices were this low for the summer season was June 2005, at $2.19.
The trend continues through majority of the United States, with many states seeing a double-digit price drop.
Maryland and most of the mid-Atlantic region experienced a 4- to 6-cent decrease, while most states are seeing a 3-cent drop since last week.
The gasoline at Wawa in Easton was well below the national average, with prices starting at $2.02 per gallon for regular unleaded gasoline.
There were several cars and trucks lined up waiting to fuel up and take advantage of the low rates.
Mike Goldberg of Salisbury was at the pumps filling up and said with the changing market he plans to take advantage of the prices while he can.
“Just like everyone else, I am glad to see they are coming down,” Goldberg said. “I am sure it is temporary, but I plan to enjoy it while it lasts.”
AAA credits the dip in pricing to an unexpected buildup of crude oil, combined with ongoing high gasoline production runs, an increase in gasoline stocks and a drop in gasoline demand.
The United States Energy Information Administration reports a current 800,000-gasoline inventor y, bringing the total to nearly 70 million barrels, with the average price per barrel dropping from $46 to $43 within the past week.
AAA does not predict gasoline prices to drop any lower than the current rate and said as consumers feel encouraged to drive more, ultimately there will be an increase in demand, which could help dip into the supply levels.
On Thursday, June 22, outside Wawa on U.S. Route 50 in Easton, cars and trucks were lined up at the fuel pumps waiting to take advantage of lowest gas prices since June 2005. Pictured: Mike Goldberg of Salisbury stops to take advantage of the low fuel prices.