Susquehanna Gas Prices Trending Downward

Susquehanna Gas Prices Trending Downward

Gas Prices

Susquehanna Gas Prices Trending Downward

(August 10, 2015) -- Susquehanna Valley gas prices dipped 4 cents, according to AAA East Central’s Fuel Gauge report. The national average is $2.591.

This week’s Susquehanna Valley average price:

 $2.589

Average price during the week of August 3, 2015:

 $2.628

Average price during the week of August 12, 2014:

 $3.443

The following is a list of the average price of unleaded self-serve gasoline in various areas: 

$2.532

Lewisburg

$2.640

Mifflinburg

$2.559

Milton

$2.593

Selinsgrove

$2.593

Shamokin

$2.588

Sunbury

$2.577                      Mount Carmel

$2.633                      Elysburg

 

On the National Front

The national average price for regular unleaded gasoline has fallen for 26 consecutive days. This is the longest streak of consecutive declines since January, and pump prices have moved lower by 19 cents per gallon over this period. Today’s average gas price is 89 cents per gallon lower than this same date last year.

West Texas Intermediate (WTI), the domestic benchmark for crude oil, has reached its lowest price since March 2015, and market fundamentals point to prices moving lower in the near term. Oversupply continues to characterize the oil market, and according to the latest report from the U.S. Energy Information Administration (EIA), refinery utilization rates are running at record highs. Pump prices are likely to post notable declines leading up to the Labor Day holiday. 

Expectations that the global oil market will remain oversupplied in the near term are keeping downward pressure on the price of crude. The Chinese economy continues to show signs of weakness, which increases concerns that this expected driver of global consumption may not be poised to help counter the market’s oversupply. The global oil market is also paying close attention to the potential for Iranian oil to return to market as early as this fall, as well as high production from the U.S. and Saudi Arabia, OPEC’s swing producer.

Domestic focus has shifted to the potential for a glut in gasoline due to strong refinery runs and the potential for demand to drop as the summer-driving season concludes. In addition, U.S. crude oil rig counts have added 32 rigs over the last six weeks. Combined with record refinery runs, it is increasingly likely that excess supply will characterize the domestic market and keep downward pressure on WTI. At the close of Friday’s formal trading on the NYMEX, WTI settled down 79 cents at $43.87 per barrel, which was a five-month low.

 

-AAA-

AAA East Central is a not-for-profit association with 83 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.