Moving back above the three dollar-mark, gas prices in the Susquehanna Valley are up by almost four cents over the week to $3.017 per gallon according to AAA East Central’s Gas Price Report.
Gas prices are volatile across the Mid-Atlantic and Northeast region, with the biggest changes in prices being +3 cents and -4 cents. Statewide, Pennsylvania gas prices are one cent higher week-over-week at $3.04/gallon.
With a nearly one million barrel decline, the region saw the largest drop in gasoline inventories in the country on the week, according to Energy Information Administration (EIA) data. Even still, at 65.2 million barrels, the region has a 3 million barrel inventory surplus compared to last year at this time which could continue to help stabilize gas prices in the region.
This week’s average prices: Susquehanna Valley Average: $3.017
Average price during the week of July 23, 2018: $2.982
Average price during the week of July 31, 2017: $2.493
Average prices of unleaded self-serve gasoline in various areas:
$3.019 Mount Carmel
On the National Front
As U.S. gasoline demand strengthened and supply declined, the national gas price average increased by two-cents on the week to land at $2.86. According to the latest EIA report, total crude inventories fell on the week and now register at 405 million barrels, which is 80 million lower than levels at the same time last year.
As crude and gasoline inventories tighten, motorists may see gas prices trend higher and remain volatile. On the week, pump prices increased as much as 11-cents for some states with others seeing decreases of up to four-cents.
While today’s gas price average is one-cent less than last month, it is 55-cents more than a year ago and crude oil prices are up $20/bbl compared to this time last year. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 92 cents to settle at $68.69. Oil prices trended higher with the release of EIA's weekly report that total crude inventories fell by 6.2 million barrels and face a year-over-year deficit.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 80 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. 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