Gas prices still high, but dropping

After skyrocketing to record highs, gas prices continue to drop both locally and nationally. 

Gas prices in Pennsylvania are seven cents lower this week at $4.460 per gallon, according to AAA East Central’s Gas Price Report. 

In the Lehigh Valley the average price for a gallon of gas on Aug. 2 was $4.366, down from $4.438 on July 25, but still higher than the price of gas on Aug. 2, 2021, when it was $3.252.

The national average for a gallon of gas has fallen almost 14 cents over the past week to $4.189. Today’s average is 63 cents less than a month ago and $1.01 more than a year ago. 

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.52 million barrels per day to 9.25 million barrels per day last week.  

The estimated rate is 80,000 barrels per day lower than last year, AAA said, but it could slow pump price decreases if the trend holds.  

Additionally, total domestic gasoline stocks decreased by 3.3 million barrels to 225.1 million barrels, signaling that higher demand reduced inventory last week. 

New survey data from AAA found that drivers are making significant changes to cope with high pump prices.  

Almost two-thirds (64%) of U.S. adults changed their driving habits or lifestyle since March, with 23% making “major changes.”  

Drivers’ top three changes to offset high gas prices are driving less, combining errands, and reducing shopping or dining out.