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.
Gas prices continue to drop both nationally and locally, but less people are driving.
According to the latest report from AAA East Central, gas prices were ten cents lower than last week in Pennsylvania. The average price for a gallon of gas was $4.357 on Aug. 9 as compared to $4.460 on Aug. 2 .
In the Lehigh Valley gas prices dropped a similar amount dropping from $4.366 on Aug. 2 to $4.267 on Aug. 9.
AAA said that despite steadily falling gas prices during the peak of the summer driving season, fewer motorists fueled up last week.
It is another sign that, for now, Americans are changing their driving habits to cope with higher pump prices, it said.
Meanwhile, the cost of oil has edged lower on fears of economic slowdowns elsewhere around the globe.
Because of these factors, the national average for a gallon of gas fell to $4.03. Today’s national average is 66 cents less than a month ago and 84 cents more than a year ago.
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.
Gas prices continue to drop from their record highs.
Gas prices in Pennsylvania are 13 cents lower this week at $4.534 per gallon, according to AAA East Central’s Gas Price Report.
In the Lehigh Valley the average price for a gallon of gas was $4.438 on July 26, down from $4.665 on July 19.
On July 26, 2021 the average price for a gallon of gas was $3.253.
According to AAA, it was modest demand for gas and lower oil prices that led to pump prices falling again.
The national average is down almost 17 cents since last week to $4.327. Today’s average is 57 cents less than a month ago and $1.17 more than a year ago.
The steady decline is due to low domestic demand for gasoline and oil prices that remain in the mid-$90s per barrel. The price of gas has now fallen every day since hitting a record $5.016 on June 14.
According to new data from the Energy Information Administration (EIA), gas demand rose from 8.06 million barrels per day to 8.52 million barrels per day last week.
However, AAA said that rate is 800,000 barrels per day lower than last year and is in line with demand during July 2020, when COVID-19 restrictions curbed demand.
Additionally, total domestic gasoline stocks increased by 3.5 million barrels to 228.4 million barrels, signaling that low demand led to growth in inventory last week.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.65 to settle at $94.70.
Crude prices declined last week as the market continues to worry that weak demand, which is typically strong throughout the summer, could continue to push prices lower, AAA speculated.
A strengthening dollar also helped to push crude prices lower last week.
Gas prices are continuing to drop from their record highs.
In Pennsylvania the average price for a gallon of gas is almost 11 cents lower this week at $4.665 per gallon, according to AAA East Central’s Gas Price Report.
In the Lehigh Valley the average price for a gallon of gas was $4.539 per gallon on July 18, down from $4.73 on July 12.
Prices are still significantly higher than they were a year ago. The price for a gallon of gas on July 19, 2021 was $3.254.
The national average for a gallon of gas has fallen 16 cents over the last week to $4.495. Today’s national average is almost 49 cents less than a month ago and nearly $1.33 more than a year ago, according to AAA. The recent price decline is due to lower domestic demand for gasoline at the pump and a much lower global price for oil. The cost of a barrel of oil is around $100, down from $110 two weeks ago.
According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.41 million barrels per day to 8.06 million barrels per day last week, while total domestic gas stocks increased by 5.8 million barrels. The decrease in demand and declining oil prices have helped push pump prices down, the association said.
Crude prices increased slightly at the end of the week due to the market expecting crude supply to remain tight throughout summer.
Tightening of supply is being driven by the potential for slower economic growth due to rising interest rates and inflation. Declining crude demand, due to reduced economic activity, could lead prices to follow suit, said AAA.
Gas prices that have been at record highs continue to drop
Across Pennsylvania gas prices are 11 cents lower this week at $4.773 per gallon, according to AAA East Central’s Gas Price Report.
The Lehigh Valley saw a similar drop. The average price for a gallon of gas on July 12 was $4.675, down just over 11 cents from July 5, when the average price was $4.790
Nationally, pump prices dropped even more significantly. AAA reported that the national average fell another 14.5 cents since last week to $4.655.
The national average is 35.5 cents less than a month ago, but still almost $1.51 more than a year ago.
The association said the dip in the cost of gas occurred despite a rise in demand, likely due to robust July 4th holiday automobile travel. AAA forecast that 42 million people would hit the roads for the holiday weekend, a new record.
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.92 million barrels per day to 9.41 million barrels per day ahead of the 4th of July holiday, while total domestic gas stocks decreased by 2.5 million barrels.
Typically, these supply/demand trends would put upward pressure on pump prices but falling oil prices contributed to lower pump prices, AAA said.
At the close of Friday’s formal trading session, West Texas Intermediate increased by $2.06 to settle at $104.79. Although the price of crude rose at the end of the week due to increased optimism as markets rebounded, the price was still down nearly $4 per barrel from the previous week.
Motorists are finally getting some good news. After reaching more than $5 per gallon, gas prices are dropping.
In Pennsylvania gas prices are six cents lower this week at $4.883 per gallon, according to AAA East Central’s Gas Price Report.
In the Lehigh Valley the average price for a gallon of gas dropped to $4.790 on July 5. That’s just over ten cents less than the average price of $4.889 cents on June 28, but still dramatically higher than the average price on June 5 of last year, which was $3.161 per gallon.
The national average for a gallon of gasoline fell to $4.80, down eight cents over the past week but still $1.67 more than a year ago.
According to AAA, the main reason for the decline is lower demand at the pump as fewer people fueled up over the past few weeks, with the exception of the Independence Day weekend.
The association speculated that the lull could end as more motorists hit the road during the summer driving season.
About 80% of stations across the country are now selling regular for under $5 a gallon. But July is typically the heaviest month for demand as more Americans travel, so this trend of easing prices could be short-lived, AAA said.
According to the latest Energy Information Administration (EIA) data, gas demand currently sits at 8.93 million barrels per day, which is lower than last year’s rate of 9.11 million barrels per day at the end of June.
On the other hand, AAA noted that total domestic gasoline stocks increased by 2.6 million barrels to 221.6 million barrels. These supply/demand dynamics, along with decreasing oil prices, have pushed pump prices lower.
At the close of Friday’s formal trading session, West Texas Intermediate increased by $2.67 to settle at $108.43. The price of crude increased at the end of last week due to market optimism that demand will increase throughout the summer.
However, AAA said crude prices faced strong resistance amid broad market concern about the potential for economic growth to slow or stall due to rising interest rates and inflation, which could send prices lower this week if market concerns persist.
Additionally, EIA reported that total domestic crude stocks decreased by 2.7 million barrels to 415.6 million barrels last week, which is nearly 37 million barrels lower than at the end of June 2021.
People are not happy with current gas prices, which have been hovering around $5 per gallon in recent weeks.
Whether they’re complaining loudly at the pump, or posting their displeasure on social media, many have been vocal about their displeasure.
But are they doing anything about it?
According to AAA East Central in Allentown, a recent survey showed people were ready to take action over higher gas prices.
Spokeswoman Theresa Podguski said those the association interviewed said they would most definitely change their habits because of gas prices.
“Prior to the gas prices being at the level they are now, more than half of those said they’d make changes if gas reached $4 a gallon. Three quarters said they’d have to adjust their lifestyle if gas prices reached $5 per gallon, which they have,” Podguski said.
But despite their protestations, retailers are saying they’re not seeing any real action.
Gregg Ciocca, who owns 27 car dealerships in the region, said there has been no rush on people dumping their larger, gas guzzling vehicles.
“We haven’t seen them trading in for smaller cars yet,” he said. “I don’t see anyone panicking.”
Back in 2008, when the last major jump in gas prices occurred, he said there were a lot of people trading in larger vehicles for more fuel-efficient ones, but so far that hasn’t occurred.
Another trend from the last gas-price spike was people giving up their cars in favor of motorcycles or scooters for much of their travel.
But, Blackman’s Cycle Center in Emmaus isn’t seeing a big boost in customers. Sales Manager Dave Shive said he’s been getting calls and interest, but not a lot of sales to people concerned about saving money on gas.
Likewise, Mike Siemens, sales manager at Trek Bicycle in Allentown said he isn’t seeing a big change in customer behavior.
He said there has been a slight uptick in bike sales and he believes some of that has been motivated by higher gas prices.
“When people come in, we conversate about that,” he said.
He said one of the reasons he thinks the high prices haven’t led to higher bike sales is because of the change in the marketplace since the COVID-19 pandemic.
He said during the height of the shutdown many people were looking for outdoor activities and bike sales soared. Coupled with decreased bike production, that led to a shortage in bikes that is only now starting to return to normal.
Ciocca said he believes it’s a similar situation with car sales.
“There isn’t enough inventory,” he said. “There is still very low supply and very high demand.”
He said people have been looking at hybrid and electric vehicles for some time, but they too are in short supply and can be much more expensive than traditional vehicles, which scares many away from making that initial investment to save money on gas.
The current high gas prices haven’t changed that.
Podguski said AAA sees changes in people’s behavior in smaller ways.
“People say they are carpooling, reducing shopping or dining out,” she said.
One area she said is definitely not seeing the impact of higher gas prices is travel.
She cites the pent-up demand.
“Things are opening up, even internationally. Travelers have more choices with less hassle,” she said.
Even RVs, which can be expensive to fuel even when prices are lower, are still seeing strong demand.
The national RV Industry Association said RV production was at its highest level in 2021 and it expects continued strong demand in 2022.
The rationalization was that even though it’s more expensive to fuel an RV, other forms of travel have also become more expensive so it’s not as big of a difference.
For those looking to travel over the summer months, who are concerned about higher gas prices, AAA does have recommendations for saving fuel and money.
“Cruise ships may be the best option right now for cost savings,” she said.
For those not looking for a cruise vacation, she said people can explore other options that decrease fuel consumption.
For example, travelers can go to a metropolitan area with access to public transportation or good walkability.
Vacationers can choose a destination where they can park their car and leave it rather than adding extra miles.
She said resorts, with restaurants and activities onsite are also a good option.
Gas prices have topped $5 per gallon for the second straight week in the Lehigh Valley and the price hikes show no signs of slowing down.
According to AAA East Central’s latest gas price report, the average price for a gallon of gas in the Lehigh Valley was $5.053 compared to $5.015 on June 7.
On June 14 of last year, the average price was $3.179.
According to the AAA report, the cost of a barrel of oil is hovering near $120, nearly double last August’s price, as increased oil demand outpaces the tight global supply.
Domestic gasoline demand remains strong as the summer driving season ramps up. As a result, the national average for a gallon of gas surged and is almost 10 cents more than a week ago, 56 cents more than a month ago, and $1.94 more than a year ago.
Today’s national average is $5.016, the highest price reported since AAA began collecting pricing data in 2000.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 800,000 barrels to 218.2 million barrels last week.
Meanwhile, gasoline demand grew from 8.98 million barrels per day to 9.2 million barrels per day as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases. This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. Coupled with increasing crude oil prices, AAA said the price of gas will likely remain elevated for the near future.
With oil prices now topping $115 a barrel, gas prices are continuing to skyrocket.
Today’s national average for a gallon of gas is 48 cents more than a month ago and $1.63 more than a year ago according to the AAA East Central latest gas price report.
In the Lehigh Valley, prices actually saw a minor dip. The average price for a gallon of gas on June 1 was $4.801, down a fraction from $4.805 on May 25. The price is still dramatically higher than June 1, 2021 when the average price for a gallon of gas was $3.111.
Statewide, however, the price did go up slightly. Across Pennsylvania the average price for gas on June 1 was $4.786, up from $4.770 on May 25.
Comparatively, the statewide average for a gallon of gas on June 1, 2021 was $3.158.
According to AAA the continued rise in oil prices comes from fears of further global supply constraints as European Union (EU) leaders announced earlier this week that they will ban 90% of Russian oil imports by the end of 2022.
Crude prices also increased last week after the Energy Information Administration (EIA) reported that domestic crude supply decreased by 1 million barrels to 419.8 million barrels, the association said. The current level is approximately 13.3% lower than during the third week of May 2021.
Even though gasoline demand was lower last week, domestic demand may start to climb again as drivers fuel up for the summer travel season, which began this Memorial Day weekend.
AAA forecast nearly 35 million travelers hit the road for Memorial Day, the highest number since 2019, despite record prices at the gas pump.
The pent-up urge to travel caused by the pandemic has outweighed high pump prices for many consumers, AAA said. But 67% of drivers recently surveyed told AAA they would change their driving habits if gas hit $4.50 a gallon.
Prices at the pump keep breaking records and AAA East Central is reporting that every state in the country now has gas prices over $4 per gallon.
Gas prices in Pennsylvania are almost 14 cents higher this week at $4.678 per gallon, according to AAA East Central’s Gas Price Report.
In the Lehigh Valley the average price of a gallon of gas rose nearly eight cents to $4.68 on May 17. The prior week the price was at $4.603 and on May 17, 2021, the price was more than $1.50 lower at $3.101.
The national average for a gallon of gasoline is now $4.52 which is 44 cents higher than a month ago and almost $1.48 more than a year ago. The increase is primarily due to the high cost of crude oil, which is above $110 a barrel.
According to AAA, at the beginning of last week, the price of crude oil decreased because of global market concerns that crude demand will suffer as COVID lockdowns in China remain in place.
However, crude prices reversed course at the end of the week over growing market worries that Ukrainian and European Union actions against Russian oil and natural gas companies could spark retaliation by Russia, which would lead to more market disruption and uncertainty.
Also, the Energy Information Administration (EIA) reported that domestic crude supply increased by 8.5 million barrels to 424.2 million barrels. The current level is still approximately 12.5 percent lower than a year ago.
According to new data from EIA, total domestic gasoline stocks decreased by 3.6 million barrels to 225 million barrels last week. Gasoline demand also decreased slightly from 8.86 million barrels per day to 8.7 million barrels per day. Typically, lower demand would put downward pressure on pump prices. However, crude prices remain volatile, and as they surge, pump prices follow suit.
Meanwhile, AAA said the annual switch to the more expensive summer blend of gasoline, which usually adds seven to ten cents per gallon depending on the market, is happening now. This switchover should be complete nationwide by early June.
Gas prices continue to soar in the Lehigh Valley and across the nation.
According to AAA East Central in Allentown the average price for a gallon of gas in the Lehigh Valley was $4.603 cents on May 10.
That’s an increase of nearly 24 cents from the week before. The average price for a gallon of gas was $4.366 on May 3. The price is also up drastically from this time last year. The average price for a gallon of gas on May 10, 2021, was $3.067.
AAA said the national average for a gallon of gasoline has risen 17 cents over a week ago to $4.37. That’s almost 26 cents over a month ago and almost $1.41 more than a year ago.
The increase is primarily due to the high cost of crude oil, which was hovering near $100 a barrel last week, according to the association.
With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline, it said. Gas prices also trend higher this time of year as refineries make the switch to summer-blend gasoline which is more expensive to make.
At the close of Friday’s formal trading session, West Texas Intermediate increased by $1.51 to settle at $109.77.
AAA reported that crude prices rose last week after the European Union announced a proposal to ban Russian oil imports within six months, while refined product imports would be prohibited by the end of 2022.
The price increases occurred despite continuing COVID lockdowns in China weighing down crude demand and EIA reporting that total domestic crude inventories increased by 1.3 million barrels to 415.7 million barrels. Current crude inventories are still14 percent lower than the storage level at the end of April 2021.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million barrels to 228.6 million barrels last week. Gasoline demand increased slightly from 8.74 million barrels per day to 8.86 million barrels per day.
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