Gas prices continue their retreat from record highs.
Gas prices in Pennsylvania are almost nine cents lower this week at $4.121 per gallon, according to AAA East Central’s Gas Price Report.
In the Lehigh Valley the average price for a gallon of gas was $4.018 on Aug. 30, down from $4.129 on Aug. 23.
Gas prices in the Lehigh Valley are still significantly higher than they were a year ago. The average price for a gallon of gas on Aug. 30, 2021 was $3.275.
According to AAA, the national average for a gallon of gas fell almost a nickel this past week to $3.84. Even though crude oil prices increased slightly over the past week, lower domestic demand for gasoline is keeping gas prices lower. Today’s national average is $1.17 less than the record set in mid-June but is still 69 cents more than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.35 million barrels per day to 8.43 million barrels per day last week. This rate is 920,000 barrels per day lower than last year. Moreover, according to EIA, total domestic gasoline stocks remained almost unchanged week over week. With gas demand down and supplies unchanged, prices at the pump continue to fall, AAA said. This steady daily decrease, now in its 75th consecutive day, is the longest streak since October 11, 2018 when the national average price of gas fell for 85 consecutive days.