Gas prices in the Susquehanna Valley jumped almost seven cents this week to $2.559 per gallon according to AAA East Central’s Gas Price Report. Pump prices in the Mid-Atlantic and Northeast regions moved higher on the week, with Pennsylvania ($2.52) landing on the top 15 list of most expensive markets.
With most of the country seeing declines in gasoline inventories, this region saw gasoline inventories increase by approximately 400,000 bbl, according to the Energy Information Administration’s (EIA) latest reports. With the continued record high output rates for refined products, refiners are able to cheaply produce large amounts of gasoline and store it in the regions. However, as gas prices increase and demand stays strong, storage levels are likely to fall.
This week’s average prices: Susquehanna Valley Average: $2.559
Average price during the week of July 31, 2017: $2.493
Average price during the week of August 8, 2016: $2.179
Average prices of unleaded self-serve gasoline in various areas:
$2.559 Mount Carmel
On the National Front
Today’s national average price for regular unleaded gasoline is $2.35 per gallon, which is three cents more than last week, nine cents more than one month ago, and 23 cents more than at the same time last year. The latest EIA report shows gasoline demand reached a new weekly record of 9.8 million b/d. The 2017 demand average over the past four-weeks is about one percent ahead of the same four-week period last year. With summer demand running full steam ahead, drivers can expect prices to continue rising.
After briefly pushing above the $50 benchmark last week and then dropping down, the price per barrel for West Texas Intermediate (WTI) once again appears poised to push above $50 after increasing 55 cents to settle at $49.58 on Friday. With market observers watching crude storage levels to see if they decline, this week’s EIA report was welcomed news since it showed that they had reached their lowest point this year at 481.9 million bbl. However, last week's excitement was tempered by total crude storage remaining at approximately 70 million bbl ahead of the five-year average.
EIA’s report also showed an increase in domestic crude oil output to 9.43 million b/d last week, making it clear that the glut of crude will not disappear easily. On the other side, according to Baker Hughes, Inc., the U.S. lost one oil rig last week, bringing down the total number of active rigs to 765. The modest decline may be an indicator of investment in offshore drilling leveling out for the year.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
AAA East Central is a not-for-profit association with 81 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. Past news releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.
For More Information, Contact:
Jim Garrity, Public & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com