After pause last week, gas prices dip again in the Philadelphia market

The average price of a gallon regular in the Philadelphia market dipped 1.3 cents per gallon in the past week, a resumption, however slight, of a longer term downward trend of the past couple months.

That price was down to $3.55 per gallon, 12.9 cents per gallon lower than a month ago and 35.6 cents lower than a year ago. But it’s still the third highest for a Nov. 27, according to GasBuddy behind 2022 and 2021.

Coming into view is 2013 when an upturn in prices late that year resulted in $3.42 per gallon on Nov. 27.

Nationally in 2023, the price decline was steeper: Down 5.8 cents per gallon in the past week to $3.21, 26.0 cents per gallon lower than a month ago and 30.3 cents lower than a year ago.

The national average price of diesel was down 5.2 cents in the past week to $4.23 per gallon.

The pain at the pump is always less in the adjoining states: up nearly a penny in the past week in New Jersey to $3.27 per gallon and down 2.6 cents in Wilmington, Delaware, to $3.14 per gallon.

The GasBuddy analyst was optimistic but always keeping an eye out for the unexpected.

“With the national average price of gasoline declining for the 10th straight week, motorists are enjoying the longest downward trend at the pump since the summer of 2022. The timing couldn’t be better as Americans head into the holidays, leaving them with more in their wallets at a time of year many start to spend on gifts for loved ones,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, gasoline demand continues to be dragged lower as Americans stay inside more often, helping to put continued downward pressure on gasoline prices. However, we’re carefully monitoring OPEC’s delayed meeting, set to occur this week, for potential surprises that could eventually mean an end to lower gas prices should they make any surprise oil production cuts.”