Pennsylvania gas prices spike to more than $4 per gallon

While the national average is declining, gas prices are back up above $4 in Pennsylvania. 

AAA East Central is reporting that gas prices in the state are almost nine cents higher this week at $4.010 per gallon 

In the Lehigh Valley the average is just a sliver under the $4 mark. The average price for a gallon of gas in the Lehigh Valley on Nov. 1 was $3.998. That’s up from $3.851 on Oct. 23 and up from $3.570 one year ago. 

Theresa Podguski, director of legislative affairs for AAA East Central said supply chain issues are mostly to blame for the higher regional prices. 

“The Northeast saw some refinery work from Monroe Energy in Philadelphia in late October as well as maintenance at the Irving refinery in Canada,” she said.  “There was also a lack of imported barrels from Europe, as there was a strike at multiple French refineries, so product is tight in the region moving into November.” 

The national average pump price, however, continued its recent trend by dipping almost two cents over the past week to hit $3.76.  

AAA said tepid domestic gas demand and shifting global oil prices are the main reasons for the national decline. The national average is four cents lower than a month ago and almost 36 cents more than a year ago. 

According to data from the Energy Information Administration, gas demand rose slightly from 8.68 million barrels per day to 8.93 million barrels per day last week, and total domestic gasoline stocks decreased from 209.4 million barrels to 207.9 million barrels. Although gasoline demand is up slightly, it remains nearly 400,000 barrels lower than this time last year. Fluctuating oil prices and low demand contributed to the national average prices moving downward. 

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.18 to settle at $87.90.  

AAA said a lower dollar contributed to price increases earlier last week. However, market concerns about global crude demand, after China announced more COVID lockdowns, sent prices lower at the end of the week.