Pennsylvania Gas Prices Twenty-Four Cents Higher Than a Month Ago

Allentown, Pa Pennsylvania, Gas Prices
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According to AAA’s Fuel Gauge Report, the current national average retail price for a gallon of self-serve regular gasoline is $2.620. The price is up 8.4 cents from a week ago, up 22.5 cents over last month and $1.055 lower than a year ago. In Pennsylvania, today’s average price of self-serve gasoline is $2.770, 6.4 cents higher than a week ago, 24 cents higher than a month ago and $1.036 lower than a year ago. In the Lehigh Valley, the average price of self-serve gasoline is $2.733 per gallon which is 6.9 cents higher over a week ago, 22.1 cents higher than a month ago and $1.038 lower than a year ago. In the Philadelphia market, the average price for self-serve regular unleaded gasoline is $2.852 per gallon which is 10.9 cents higher than a week ago, 34.4 cents higher than a month ago and 93.3 cents lower than a year ago.

The national average price of regular unleaded gasoline has moved higher for 19 consecutive days for a total of 23 cents per gallon, due to higher crude oil costs and a number of refinery issues. Today’s price $2.62 per gallon represents the most expensive average price of the year.

The price at the pump often increases in the spring due to seasonal maintenance, rising demand and the higher costs associated with producing more expensive summer-blend gasoline, which is required in many parts of the country to combat emissions in warmer temperatures. Unexpected refinery issues are also keeping upward pressure on the national average and consumers may see prices rise a bit higher over the next few weeks. Despite this trend, retil averages are expected to continue to post significant year-over-year discounts, and barring any major supply disruptions, the national average is expected to remain below $3 per gallon throughout 2015.
The price of crude rallied to close out the month, due to a slowdown in U.S. production, a weakening dollar and growing instability in the Middle East. U.S. oil supplies remain at record highs, but the growth in production has reportedly slowed in recent weeks, which could indicate a new balance in supply and demand. The market also is focused on the Strait of Hormuz - a narrow waterway off the Iranian coast that provides access to major oil-exporting ports in the region. The U.S. is increasing its naval presence in the region after Iran unexpectedly seized a container ship attempting to pass through the strait. Historically this strait has often been at the center of tensions between the U.S. and Iran, and with the two countries also attempting to reach a nuclear agreement by June 30, both sides are carefully weighing options and the perceived tension has put a bit of upward pressure on the global price of crude.

While WTI is at nearly a four month high, it is unclear whether oil prices will remain at this level. U.S. oil-drilling rights have reached their lowest level since October 2010, and U.S. oil storage remains at an all-time high. Domestic oil production companies are keeping a watchful eye on the price and they could ramp up or resume production in order to capitalize on any upward movement.
At the close of Friday’s formal trading on the NYMEX, WTI closed down 50 cents and settled at $59.15 per barrel.

 

5/4/2015

WEEK AGO

YEAR AGO

NATIONAL

2.620

2.536

3.675

PENNSYLVANIA

2.770

2.706

3.806

ALLENTOWN/BETHLEHEM/EASTON

2.733

2.664

3.771

PHILADELPHIA

2.852

2.743

3.785


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