Gas prices, which were at record highs earlier this year, have dropped slightly again, after a couple of weeks of increases.
Gas prices in Pennsylvania are three cents lower this week at $3.923 per gallon, according to AAA East Central’s most recent gas price report.
In the Lehigh Valley the average price for a gallon of gas dropped to $3.851 per gallon on Oct. 25, down from $3.889 on Oct. 18.
The price is still higher than the average on Oct. 25, 2021 when it was 43.543.
The national average pump price dipped slightly more than the state average.
It fell 9.5 cents over the past week to hit $3.775. It has dropped daily since Oct. 11, primarily due to lower oil prices and fewer drivers than usual fueling up. The current national average is six cents higher than a month ago and almost 39 cents more than a year ago.
According to AAA, global recession fears and the government’s plan to continue tapping the Strategic Petroleum Reserve into December have helped temper oil prices.
While the government’s announcement will help take some of the pressure off pump prices, the exact pricing impact remains uncertain, AAA said.
According to recent data from the Energy Information Administration (EIA), gas demand increased slightly from 8.28 million barrels per day to 8.68 million barrels per day last week. Total domestic gasoline stocks decreased marginally from 209.5 million barrels to 209.4 million barrels. Although gasoline demand is up slightly, it remains nearly 1 million barrels lower than this date last year.