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February sees higher gas prices locally, nationally
Listen to this articleAfter dropping prices brought the average price of a gallon of gas below $3 a gallon in the region in the new year, February is bringing increases at the pump.
The average price for a gallon of gas is four cents higher in Pennsylvania this week at $3.118, according to AAA East Central’s Gas Price Report.
In the Harrisburg region, the average price for a gallon of gas on Feb. 10 was $3.103. That’s up from $3.070 the week prior, but is still lower that the price at this time last year when it was at $3.330
The month of February is also bringing slightly higher gas prices across the nation. The national average for a gallon of regular gas is up three cents from last week to $2.90.
Gasoline demand is down, as fewer drivers hit the road during the recent winter storms. But this is the time of year when pump prices start nudging higher, as spring approaches and refineries start making the switch to summer-blend gasoline production.
Nationally, current prices also remain below what they were this time last year when the national average was $3.12.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.75 million barrels per day to 8.15 million. AAA said total domestic gasoline supply increased from 257.2 million barrels to 257.9 million. Gasoline production decreased last week, averaging 9.0 million barrels per day.
At the close of Wednesday’s formal trading session, AAA said West Texas Intermediate rose $1.93 to settle at $65.14 a barrel. The EIA reports crude oil inventories decreased by 3.5 million barrels from the previous week. At 420.3 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.
