Tag: AAA East Central

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, 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. 

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. 

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. 

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 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.