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Tag: crude oil

Pennsylvania gas prices $1 lower than this time last year

Gas prices continue to drop across the state. 

The average price for a gallon of gas in Pennsylvania is 4.1 cents lower this week at $3.689 per gallon, according to the most recent AAA East Central’s Gas Price Report. 

In the Lehigh Valley the price dropped to $3.580 per gallon on May 9 as compared to $3.656 on May 2. 

The price is slightly more than a dollar lower than it was one year ago. On May 9, 2022 the average price per gallon was $4.588. 

AAA said the price for oil had dropped nearly $20 per barrel recently to the upper $60s, which has resulted in gas prices going down.  

The national average for a gallon of regular gasoline has fallen 7.5 cents since last month to hit $3.526.  

Today’s national average is 80.2 cents lower than a year ago. 

According to new data from the EIA, gas demand decreased significantly from 9.51 to 8.62 million barrels per day last week. The drop in demand is more in line with what market observers expected last week.  

Meanwhile, AAA said total domestic gasoline stocks increased by 1.8 million barrels to 222.9 million barrels. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower. 

 

Gas prices increase 14 cents per gallon in Lehigh Valley, 16 cents across the state

It’s getting more expensive to fill up your tank, not just in the Lehigh Valley, but across the state and nation. 

According to AAA East Central, gas prices in Pennsylvania are almost 16 cents higher this week at $4.374 per gallon. 

In the Lehigh Valley the average price for a gallon of regular gasoline on May 3 was $4.366. That’s up about 14 cents from $4.225 on April 26 and up drastically from one year ago when the average was $2.972. 

AAA is blaming the increases over this past week on the continued high cost of crude oil. Fear of a global energy supply disruption due to Russia’s invasion of Ukraine is the main factor influencing crude prices. 

The association said the cost of a barrel of crude continues to hover around $100, with the oil price accounting for about 60% of pump prices. 

The national average for a gallon of regular is now $4.20, an increase of seven cents over a week ago and $1.30 more than a year ago. It now costs drivers in the U.S. about $23 more to fill up than a year ago. 

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million barrels to 230.8 million barrels last week.  

Gasoline demand did decrease slightly from 8.87 million barrels per day to 8.74 million barrels per day, according to AAA.  

Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher, it said.  

AAA predicts that pump prices will likely face upward pressure as oil prices remain above $100 per barrel. 

At the close of Friday’s formal trading session, West Texas Intermediate decreased by 67 cents to settle at $104.69. Although prices declined on the day due to crude demand concerns as COVID-19-related lockdowns continue in China, crude prices gained earlier in the week after EIA’s weekly report showed that total current supply level is approximately 16% lower than at the end of April 2021. 

 

AAA: Lower crude oil prices could help ease gas price increases

Gas prices in Pennsylvania are ten cents higher this week at $4.412 per gallon, according to AAA East Central’s most recent Gas Price Report.  

But there may be relief in sight as lower crude oil prices may drive prices back down again. 

After peaking above $123 per barrel shortly after Russia’s invasion of Ukraine, the price of crude oil has gradually fallen below $110.  

AAA said that if this trend holds, it may remove some of the extreme upward price pressure consumers have found at the pump.  

The national average price of a gallon of gas hit $4.33 on Friday, March 11, before falling a penny and holding throughout today at $4.32. Tuesday’s national average is 14 cents more than a week ago, 82 cents more than a month ago, and $1.45 more than a year ago. 

In the Lehigh Valley the average price on March 15 was $4.410 per gallon, up from last week. On March 8 the price was $4.377 per gallon. 

The current price is dramatically higher than a year ago. The average price for a gallon of gas on March 15, 2021 was $2.978 

AAA reports that according to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.4 million barrels to 244.6 million barrels last week. Meanwhile, gasoline demand rose slightly from 8.74 million barrels per day to 8.96 million barrels per day.  

The increase in gas demand and total supply reductions are contributing to rising pump prices. However, increasing oil prices play the lead role in pushing gas prices higher as the cost of crude oil accounts for about 50% of what drivers pay at the pump.  

Consumers can expect the current trend at the pump to continue if crude prices continue to climb, the report said. 

At the close of Friday’s formal trading session, West Texas Intermediate increased by $3.31 to settle at $109.33.  

Crude prices have eased as the market continues to find replacement barrels of oil and further supply growth for the tight market becomes apparent. However, AAA cautioned that the market remains volatile and additional disruptions or escalation of the current crisis in Ukraine could cause prices to surge again this week.  

Additionally, EIA reported that total domestic crude stocks decreased by 1.8 million barrels last week to 411.6 million barrels. The current stock level is approximately 17% lower than at the end of February 2021, which continues to put pressure on domestic crude prices, according to the report. 

 

Gas prices drop slightly on Omicron variant worries

With news of the COVID-19 Omicron variant, prices at the pump are down slightly.

AAA is reporting that the average price for a gallon of gas in the Lehigh Valley was $3.577 on Nov. 20, down about one cent from the average price of $3.584 on Nov. 23.

Gas is still nearly a dollar higher than it was at this time last year with the average price for a gallon of gas at $2.515 on Nov. 30, 2020.

AAA is reporting that on Friday crude oil prices fell by $10.24 to settle at $68.15 (West Texas Intermediate).

Global prices fell on demand concerns and travel restrictions announced in America and elsewhere, it said in a release.

With little known about the new variant, it’s unclear at this point what long-term impact it may have on crude prices.

Also, before news of the new variant, the Energy Information Administration’s weekly report revealed domestic crude supply increased by 1 million barrels to 434 million barrels.

Statewide, the average price for a gallon of gasoline was $3.588 on Nov. 30, down from $3.599 Nov. 23 and up from $2.529 on Nov. 30, 2020.

The national average price of gasoline today is $3.39, which is a penny less than one week ago and $1.26 more than a year ago.

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