Average gas prices up nationally, still dropping locally

While nationally gas prices took an upturn, in Pennsylvania they continued to retreat from their record highs earlier this year. 

Gas prices rose seven cents over the past week, as the national average pump price hit $3.747. 

Gas prices in Pennsylvania, however, are five cents lower this week at $3.795 per gallon, according to AAA East Central’s Gas Price Report. 

The average price of a gallon of gas in the Lehigh Valley is also down from $3.743 on Sept. 20 to $3.680 on Sept. 27. Prices are still higher than they were one year ago. The average price for a gallon of gas on Sept. 27, 2021 was $3.298 

AAA said the main reason for the national increase was higher regional prices on the West Coast and the Midwest due to refinery issues ranging from planned maintenance to a fire.  

It noted that Hurricane Ian could also cause problems, depending on the storm’s track, by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries. But low domestic demand and much lower oil prices have helped to lessen some of the impact.  

Meanwhile, on Friday, the price of oil slipped below $80 a barrel for the first time since January, primarily due to fears of a recession-led global economic slowdown. 

According to data from the Energy Information Administration (EIA), gas demand decreased from 8.49 million barrels per day to 8.32 million barrels per day last week.  

Total domestic gasoline stocks increased by 1.6 million barrels to 214.6 million barrels according to the EIA data. Although gasoline demand has decreased, tight supply and fluctuating oil prices have increased the national average price, AAA said. 

AAA noted that while gas prices saw an over week increase nationally, Tuesday’s national average of $3.747 is 11 cents less than a month ago but almost 56 cents more than a year ago.