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Gas prices take slight dip, but remain high
Stacy Wescoe//August 4, 2026//
It’s not much, but gas prices did take a slight dip this week after a few weeks of increases.
The average price for a gallon of gas in Pennsylvania is two cents lower this week at $4.210, according to AAA East Central‘s Gas Price Report.
In the Lehigh Valley, the drop was slightly more significant. The average price for a gallon of gas on Aug. 3 was $4.138, down from $4.222 the week prior.
Gas prices were also down by two cents nationally. The average price for a gallon of regular gasoline has dropped to $4.09.
According to AAA, crude oil prices remain in the $80 per barrel range as instability lingers along the Strait of Hormuz.
It did note that gas prices are nearly a dollar higher than they were this time last year.
Typically, AAA said August brings some relief at the pump as road trips wind down, and fall routines get underway for many families. However, elevated crude oil prices could have an impact on that seasonal shift.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.94 million to 9.04 million. Total domestic gasoline supply remained flat at 211.3 million. Gasoline production increased last week, averaging 9.9 million barrels per day.
At the close of Wednesday’s formal trading session, West Texas Intermediate rose $5.20 to settle at $84.46 a barrel. The EIA reports that crude oil inventories decreased by 7.2 million barrels from the previous week. At 404.5 million barrels, U.S. crude oil inventories are about 7% below the five-year average for this time of year.
