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Tag: AAA East Central

Despite severe storms, gas prices dropping in Pa.

While damage assessments are still being made in the wake of Hurricane Idalia, the national average for a gallon of gas fell by two 2.4 cents since last week to $3.803. At the same time the average price for a gallon of gas in Pennsylvania is 2.5 cents lower this week at $3.856 per gallon, according to AAA East Central’s Gas Price Report. 

Gas prices in the Lehigh Valley were already lower than the national or state average and the drop in price was slightly larger. The average price for a gallon of gas in the Lehigh Valley on Sept. 6 was $3.731 compared to $3.779 on Aug. 29, a drop of 4.8 cents, 

AAA said in its report that oil and gas experts have noted overall gasoline demand during the summer vacation season failed to match previous years despite retail gasoline prices below last year’s prices.  

Today’s national average is 2.6 cents less than a month ago and 2.4 cents more than a year ago. 

According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.91 to 9.07 million barrels per day last week. Meanwhile, total domestic gasoline stocks took a slight step back to 217.4 million barrels. Although demand has increased, fluctuating oil prices have limited pump price increases. 

At the close of last Wednesday’s formal trading session, West Texas Intermediate increased by 47 cents to settle at $81.63. Oil prices rose amid ongoing concern Hurricane Idalia would interrupt fuel supply in the Southeast.  

However, some fuel terminals have resumed operations, and more are expected in the coming days as storms subside and damage assessments can be undertaken. Additionally, the EIA reported that total domestic commercial crude inventories decreased significantly from 433.5 to 422.9 million barrels. 

 

Oil price drop leads to lower prices at the pump

After holding steady last week, the average price for a gallon of gas in Pennsylvania is 4.2 cents lower this week at $3.730 per gallon, according to AAA East Central’s Gas Price Report. 

In the Lehigh Valley the price dropped to $3.656 per gallon on May 2, down from $3.723 on April 25. 

AAA said that lower oil prices are causing pump prices to fall, with the national average for a gallon of regular gasoline dropping six cents since last week to hit $3.61.  

The latest national average is 9.1 cents more than a month ago but is 59.4 cents less than a year ago. 

At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $2.77 to settle at $74.30.  

Oil prices fell amid ongoing market concerns that low consumer confidence could contribute to a recession this year, AAA said.  

Additionally, the EIA reported that total domestic commercial crude inventories decreased by 5.1 million barrels to 460.9 million barrels last week.        

According to new data from the Energy Information Administration, gas demand increased significantly from 8.52 to 9.51 million barrels per day last week.  

Meanwhile, total domestic gasoline stocks decreased by 2.4 million barrels to 221.1 million barrels. Higher demand, alongside a decline in stocks, would typically push pump prices up; however, fluctuating oil prices have pushed them lower. 

Lehigh Valley gas prices dropping on lower crude costs

Gas prices are dropping again, leaving the Lehigh Valley with slightly lower prices than the state average, but still a bit higher than the national average. 

According to the latest report from AAA East Central, the average price for a gallon of gas dropped almost six cents this week and is now at $3.621 as of Feb. 28 compared to $3.679 on Feb 21. 

 In the Lehigh Valley the average price dropped to $3.455 per gallon on Feb. 28 compared to $3.529 on Feb. 21.        

The national average for a gallon of gas fell 4.5 cents over the last week to $3.357.  

AAA said the main reason is the price of oil, which fell into the mid $70s per barrel, nearly $5 cheaper than earlier this month. 

 Today’s national average is 15.3 cents less than a month ago and 25.3 cents less than a year ago. 

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.27 million barrels per day to 8.91 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased by 1.8 million barrels to 240.1 million barrels last week. However, decreasing oil prices have contributed to pushing pump prices lower. 

Crude prices have declined over the last few weeks due to the strengthening of the dollar and market concerns about increasing domestic oil inventories, according to AAA.  

EIA reported that total domestic commercial crude inventories increased substantially by 7.6 million barrels to 479 million barrels last week. 

 

Four diamonds for Bethlehem casino resort

Wind Creek Bethlehem PHOTO/ Susan L. Angstadt Photography
Wind Creek Bethlehem PHOTO/ Susan L. Angstadt Photography –

AAA has announced this year’s Four Diamond Hotel and Restaurant designations and once again Wind Creek Bethlehem has earned a designation as a AAA Four Diamond Hotel. 

The casino resort first earned the designation in 2013 when it was still the Sands Casino Resort Bethlehem. 

Wind Creek Bethlehem’s inclusion puts it on an exclusive list of more than 1,700 Four Diamond hotels and more than 600 Four Diamond restaurants across the United States, Canada, Mexico, and the Caribbean. AAA Four Diamond hotels and restaurants represent just 4.8% of all establishments in the Diamond Program. 

It is the only hotel in the Lehigh Valley to have the Four Diamond designation. 

“Guests can be assured that Four Diamond establishments provide some of the highest quality available when it comes to where they rest and dine,” says Terri Petrick, president of AAA East Central. “These hotels and restaurants represent the best of the best and consistently pass the test of discerning AAA inspectors.” 

After weeks of increases, gas prices finally slip

Motorists are finding a little bit of relief at the pump. 

The average price for a gallon of regular gasoline dropped by nearly 4 cents a gallon this week after rising 8 and 6.5 cents per gallon, respectively, over the two prior weeks. 

The average price for a gallon of gas in Pennsylvania is almost four cents lower this week at $3.756 per gallon, according to the most recent AAA East Central Gas Price Report. 

There was a smaller drop in the Lehigh Valley. The average price for a gallon of gas dropped to $3.659 Feb. 7 as compared to $3.714 Jan. 31.             

The national average for a gallon of gas is almost 5 cents lower this week at $3.457.  

Today’s national average, however, is 17 cents more than a month ago and almost two cents higher than a year ago. 

AAA said that last week’s decision by OPEC+ to maintain current production levels and not make any cuts helped lead to this week’s lower oil prices.  

Oil prices account for as much as 60% of the cost of a gallon of gas.  

According to data from the Energy Information Administration (EIA), gas demand rose from 8.14 million to 8.49 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 2.6 million barrels to 234.6 million barrels. Despite rising gas demand, total supply growth has helped limit pump price increases. 

At the close of Friday’s formal trading session, AAA said West Texas Intermediate decreased by $2.49 to settle at $73.39.  

Crude prices fell last week amid ongoing market concerns that if a recession occurs this year, crude demand and prices would likely decline. Additionally, crude prices dropped after the EIA reported that total commercial stocks increased by 4.2 million barrels to 452.7 million barrels. 

 

Late December storm drove up gas prices

Gas prices in Pennsylvania are almost four cents higher this week at $3.630 per gallon, according to AAA East Central’s most recent Gas Price Report. 

In the Lehigh Valley the price increased to an average of $3.506 per gallon on Jan 3., up from an average of $3.415. The numbers are steady over last year. The average price for a gallon of gas on Jan. 3, 2022 was $3.500. 

According to AAA, the late December winter storm and its frigid temperatures caused gas prices to spike, with refineries as far south as Texas and the Gulf Coast forced to shut down temporarily.  

The storm also caused holiday travelers to fuel up and hit the road early to beat the bad weather, leading to a spike in overall gas demand, AAA said.  

The national average for a gallon of gas rose 12 cents over the last week to hit $3.228. This is still almost 20 cents less than a month ago and six cents less than a year ago. 

According to data from the Energy Information Administration (EIA), gas demand rose from 8.7 to 9.3 million barrels per day last week.  

Meanwhile, total domestic gasoline stocks fell by 3 million barrels to 223 million barrels. More demand and less supply helped push pump prices higher. 

At the close of Friday’s formal trading session, WTI increased by $1.86 to settle at $80.26. A weaker dollar contributed to rising crude prices, AAA said.  

Crude prices rose despite the EIA reporting that total domestic commercial crude stocks increased by 800,000 barrels to 419 million barrels.  

The increase signals that oil demand may be weakening amid ongoing market concerns that a recession or economic slowdown could occur this year. 

 

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. 

Gas prices dropping once again

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. 

 

Gas prices spiking again

After several weeks of gas prices retreating from record highs, prices at the pump are spiking again and AAA East Central said OPEC and demand are the main drivers of the increase. 

Gas prices in Pennsylvania are 14 cents higher this week at $3.913 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 rose to $3.848 on Oct. 11, up from $3.640 a week prior. 

The average price for a gallon of gas one year ago was $3.404 in the Lehigh Valley. 

Nationally, the average price for a gallon of gas rose almost 12 cents over the past week to hit $3.923. Today’s national average is almost 12 cents higher than a month ago and almost 65 cents more than a year ago.  

AAA said Higher crude prices and increased domestic demand are the main factors currently affecting gas prices. 

The OPEC+ recent announcement that the group of oil-producing nations would slash output by 2 million barrels per day led to the price of oil creeping above $90 a barrel for the first time in several weeks, said AAA.  

At the close of Friday’s formal trading session, West Texas Intermediate increased by $4.19 to settle at $92.64. Additionally, according to new data from the Energy Information Administration (EIA), total domestic crude inventories declined by 1.4 million barrels to 429.2 million barrels. 

EIA’s latest weekly report also showed gas demand increased nationally from 8.83 million barrels per day to 9.47 million barrels per day last week.  

Total domestic gasoline stocks decreased significantly by 4.7 million barrels to 207.5 million barrels. High gasoline demand, amid tight supply, has led to higher pump prices nationwide, said AAA. 

 

Pennsylvania gas prices lower than many parts of the country

For the second straight week, gas prices declined in Pennsylvania while the national average increased. 

According to the most recent report from AAA East Central, gas prices in Pennsylvania are more than 2 cents lower this week at $3.769 per gallon. 

In the Lehigh Valley the average price for a gallon dropped to $3.640 a gallon on Oct. 4, down from $3.680 on Sept. 27. 

The price is still significantly higher than one year ago. On Oct. 4, 2021 the average price for a gallon of gas was $3.293. 

Meanwhile the national average pump price for a gallon of gas increased almost six cents over the past week to hit $3.805 according to AAA.  

It said tight supply and increased demand are the main culprits for the jump in price.  

According to data from the Energy Information Administration (EIA), gas demand increased nationally from 8.32 million barrels per day to 8.83 million barrels per day last week.  

At the same time, total domestic gasoline stocks decreased by 2.4 million barrels to 212.2 million barrels. 

AAA said the regional differences in gas prices are dramatic right now with prices on the West Coast hitting $6 a gallon and higher, while Texas and Gulf Coast states have prices dipping below $3 in some areas.  

Meanwhile, gas prices in the upper Midwest have risen since a deadly refinery fire Sept. 20 in Toledo, Ohio, which closed the plant.  

According to the latest reports, the 160,000 barrel-per-day BP-Husky Toledo refinery could be down for months. 

Average gas prices up nationally, still dropping locally

While nationally gas prices took an upturn, in Pennsylvania they continued to retreat from their record highs earlier this year. 

Gas prices rose seven cents over the past week, as the national average pump price hit $3.747. 

Gas prices in Pennsylvania, however, are five cents lower this week at $3.795 per gallon, according to AAA East Central’s Gas Price Report. 

The average price of a gallon of gas in the Lehigh Valley is also down from $3.743 on Sept. 20 to $3.680 on Sept. 27. Prices are still higher than they were one year ago. The average price for a gallon of gas on Sept. 27, 2021 was $3.298 

AAA said the main reason for the national increase was higher regional prices on the West Coast and the Midwest due to refinery issues ranging from planned maintenance to a fire.  

It noted that Hurricane Ian could also cause problems, depending on the storm’s track, by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries. But low domestic demand and much lower oil prices have helped to lessen some of the impact.  

Meanwhile, on Friday, the price of oil slipped below $80 a barrel for the first time since January, primarily due to fears of a recession-led global economic slowdown. 

According to data from the Energy Information Administration (EIA), gas demand decreased from 8.49 million barrels per day to 8.32 million barrels per day last week.  

Total domestic gasoline stocks increased by 1.6 million barrels to 214.6 million barrels according to the EIA data. Although gasoline demand has decreased, tight supply and fluctuating oil prices have increased the national average price, AAA said. 

AAA noted that while gas prices saw an over week increase nationally, Tuesday’s national average of $3.747 is 11 cents less than a month ago but almost 56 cents more than a year ago. 

 

Gas prices drop again, trend could continue

Gas prices continue their decent from their record highs earlier this year and it’s a trend AAA is predicting will continue. 

Gas prices in Pennsylvania are seven cents lower this week at $3.911 per gallon, according to AAA East Central’s Gas Price Report. 

In the Lehigh Valley the average price for a gallon of gas was $3.798 per gallon, down from $3.912 on Sept. 6. 

The price is still higher than it was one year ago. The average price for a gallon of gas on Sept. 13, 2021 was $3.242 per gallon.               

Meanwhile, the national average price for a gallon of gas also fell seven cents in the past week to reach $3.71. 

That’s a level AAA said it has not seen since the beginning of March.  

The primary reason for this decline is the recent lower cost for oil. This trend has helped pump prices fall steadily for three straight months. Today’s national average is 26 cents less than a month ago but 53 cents more than a year ago. 

At the close of Friday’s formal trading session, West Texas Intermediate increased by $3.25 to settle at $86.79. Although a weakening dollar helped to increase crude prices at the end of the week, prices dropped earlier in the week amid ongoing market concerns that oil demand will fall if economic growth slows or stalls due to a recession. 

 Additionally, EIA’s latest weekly report showed that total commercial crude inventories increased significantly by 8.9 million barrels to 427.2 million barrels.  

According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.59 million barrels per day to 8.73 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by 300,000 barrels to 214.8 million barrels.  

Although gasoline demand has increased slightly, lower oil prices have led to falling pump prices. If gasoline demand begins to subside, as it typically does post-Labor Day with the end of summer driving, AAA predicted that pump prices could continue to decrease. 

 

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