Motorists are finding a little bit of relief at the pump.
The average price for a gallon of regular gasoline dropped by nearly 4 cents a gallon this week after rising 8 and 6.5 cents per gallon, respectively, over the two prior weeks.
The average price for a gallon of gas in Pennsylvania is almost four cents lower this week at $3.756 per gallon, according to the most recent AAA East Central Gas Price Report.
There was a smaller drop in the Lehigh Valley. The average price for a gallon of gas dropped to $3.659 Feb. 7 as compared to $3.714 Jan. 31.
The national average for a gallon of gas is almost 5 cents lower this week at $3.457.
Today’s national average, however, is 17 cents more than a month ago and almost two cents higher than a year ago.
AAA said that last week’s decision by OPEC+ to maintain current production levels and not make any cuts helped lead to this week’s lower oil prices.
Oil prices account for as much as 60% of the cost of a gallon of gas.
According to data from the Energy Information Administration (EIA), gas demand rose from 8.14 million to 8.49 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 2.6 million barrels to 234.6 million barrels. Despite rising gas demand, total supply growth has helped limit pump price increases.
At the close of Friday’s formal trading session, AAA said West Texas Intermediate decreased by $2.49 to settle at $73.39.
Crude prices fell last week amid ongoing market concerns that if a recession occurs this year, crude demand and prices would likely decline. Additionally, crude prices dropped after the EIA reported that total commercial stocks increased by 4.2 million barrels to 452.7 million barrels.