Tag: AAA East Central

Gas prices in Pennsylvania are almost four cents higher this week at $3.630 per gallon, according to AAA East Central’s most recent Gas Price Report. 

According to AAA, the late December winter storm and its frigid temperatures caused gas prices to spike, with refineries as far south as Texas and the Gulf Coast forced to shut down temporarily.  

The storm also caused holiday travelers to fuel up and hit the road early to beat the bad weather, leading to a spike in overall gas demand, AAA said.  

The national average for a gallon of gas rose 12 cents over the last week to hit $3.228. This is still almost 20 cents less than a month ago and six cents less than a year ago. 

According to data from the Energy Information Administration (EIA), gas demand rose from 8.7 to 9.3 million barrels per day last week.  

Meanwhile, total domestic gasoline stocks fell by 3 million barrels to 223 million barrels. More demand and less supply helped push pump prices higher. 

At the close of Friday’s formal trading session, WTI increased by $1.86 to settle at $80.26. A weaker dollar contributed to rising crude prices, AAA said.  

Crude prices rose despite the EIA reporting that total domestic commercial crude stocks increased by 800,000 barrels to 419 million barrels.  

The increase signals that oil demand may be weakening amid ongoing market concerns that a recession or economic slowdown could occur this year. 

While the national average is declining, gas prices are back up above $4 in Pennsylvania. 

AAA East Central is reporting that gas prices in the state are almost nine cents higher this week at $4.010 per gallon 

Theresa Podguski, director of legislative affairs for AAA East Central said supply chain issues are mostly to blame for the higher regional prices. 

“The Northeast saw some refinery work from Monroe Energy in Philadelphia in late October as well as maintenance at the Irving refinery in Canada,” she said.  “There was also a lack of imported barrels from Europe, as there was a strike at multiple French refineries, so product is tight in the region moving into November.” 

The national average pump price, however, continued its recent trend by dipping almost two cents over the past week to hit $3.76.  

AAA said tepid domestic gas demand and shifting global oil prices are the main reasons for the national decline. The national average is four cents lower than a month ago and almost 36 cents more than a year ago. 

According to data from the Energy Information Administration, gas demand rose slightly from 8.68 million barrels per day to 8.93 million barrels per day last week, and total domestic gasoline stocks decreased from 209.4 million barrels to 207.9 million barrels. Although gasoline demand is up slightly, it remains nearly 400,000 barrels lower than this time last year. Fluctuating oil prices and low demand contributed to the national average prices moving downward. 

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.18 to settle at $87.90.  

AAA said a lower dollar contributed to price increases earlier last week. However, market concerns about global crude demand, after China announced more COVID lockdowns, sent prices lower at the end of the week. 

Gas prices, which were at record highs earlier this year, have dropped slightly again, after a couple of weeks of increases. 

Gas prices in Pennsylvania are three cents lower this week at $3.923 per gallon, according to AAA East Central’s most recent gas price report. 

The national average pump price dipped slightly more than the state average. 

It fell 9.5 cents over the past week to hit $3.775. It has dropped daily since Oct. 11, primarily due to lower oil prices and fewer drivers than usual fueling up. The current national average is six cents higher than a month ago and almost 39 cents more than a year ago. 

According to AAA, global recession fears and the government’s plan to continue tapping the Strategic Petroleum Reserve into December have helped temper oil prices.  

While the government’s announcement will help take some of the pressure off pump prices, the exact pricing impact remains uncertain, AAA said. 

According to recent data from the Energy Information Administration (EIA), gas demand increased slightly from 8.28 million barrels per day to 8.68 million barrels per day last week. Total domestic gasoline stocks decreased marginally from 209.5 million barrels to 209.4 million barrels. Although gasoline demand is up slightly, it remains nearly 1 million barrels lower than this date last year. 

After several weeks of gas prices retreating from record highs, prices at the pump are spiking again and AAA East Central said OPEC and demand are the main drivers of the increase. 

Gas prices in Pennsylvania are 14 cents higher this week at $3.913 per gallon, according to AAA East Central’s most recent Gas Price Report. 

Nationally, the average price for a gallon of gas rose almost 12 cents over the past week to hit $3.923. Today’s national average is almost 12 cents higher than a month ago and almost 65 cents more than a year ago.  

AAA said Higher crude prices and increased domestic demand are the main factors currently affecting gas prices. 

The OPEC+ recent announcement that the group of oil-producing nations would slash output by 2 million barrels per day led to the price of oil creeping above $90 a barrel for the first time in several weeks, said AAA.  

At the close of Friday’s formal trading session, West Texas Intermediate increased by $4.19 to settle at $92.64. Additionally, according to new data from the Energy Information Administration (EIA), total domestic crude inventories declined by 1.4 million barrels to 429.2 million barrels. 

EIA’s latest weekly report also showed gas demand increased nationally from 8.83 million barrels per day to 9.47 million barrels per day last week.  

Total domestic gasoline stocks decreased significantly by 4.7 million barrels to 207.5 million barrels. High gasoline demand, amid tight supply, has led to higher pump prices nationwide, said AAA. 

For the second straight week, gas prices declined in Pennsylvania while the national average increased. 

According to the most recent report from AAA East Central, gas prices in Pennsylvania are more than 2 cents lower this week at $3.769 per gallon. 

The price is still significantly higher than one year ago. On Oct. 4, 2021 the average price for a gallon of gas was $3.293. 

Meanwhile the national average pump price for a gallon of gas increased almost six cents over the past week to hit $3.805 according to AAA.  

It said tight supply and increased demand are the main culprits for the jump in price.  

According to data from the Energy Information Administration (EIA), gas demand increased nationally from 8.32 million barrels per day to 8.83 million barrels per day last week.  

At the same time, total domestic gasoline stocks decreased by 2.4 million barrels to 212.2 million barrels. 

AAA said the regional differences in gas prices are dramatic right now with prices on the West Coast hitting $6 a gallon and higher, while Texas and Gulf Coast states have prices dipping below $3 in some areas.  

Meanwhile, gas prices in the upper Midwest have risen since a deadly refinery fire Sept. 20 in Toledo, Ohio, which closed the plant.  

According to the latest reports, the 160,000 barrel-per-day BP-Husky Toledo refinery could be down for months. 

While nationally gas prices took an upturn, in Pennsylvania they continued to retreat from their record highs earlier this year. 

Gas prices rose seven cents over the past week, as the national average pump price hit $3.747. 

Gas prices in Pennsylvania, however, are five cents lower this week at $3.795 per gallon, according to AAA East Central’s Gas Price Report. 

AAA said the main reason for the national increase was higher regional prices on the West Coast and the Midwest due to refinery issues ranging from planned maintenance to a fire.  

It noted that Hurricane Ian could also cause problems, depending on the storm’s track, by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries. But low domestic demand and much lower oil prices have helped to lessen some of the impact.  

Meanwhile, on Friday, the price of oil slipped below $80 a barrel for the first time since January, primarily due to fears of a recession-led global economic slowdown. 

According to data from the Energy Information Administration (EIA), gas demand decreased from 8.49 million barrels per day to 8.32 million barrels per day last week.  

Total domestic gasoline stocks increased by 1.6 million barrels to 214.6 million barrels according to the EIA data. Although gasoline demand has decreased, tight supply and fluctuating oil prices have increased the national average price, AAA said. 

AAA noted that while gas prices saw an over week increase nationally, Tuesday’s national average of $3.747 is 11 cents less than a month ago but almost 56 cents more than a year ago. 

Gas prices continue their decent from their record highs earlier this year and it’s a trend AAA is predicting will continue. 

Gas prices in Pennsylvania are seven cents lower this week at $3.911 per gallon, according to AAA East Central’s Gas Price Report.        

Meanwhile, the national average price for a gallon of gas also fell seven cents in the past week to reach $3.71. 

That’s a level AAA said it has not seen since the beginning of March.  

The primary reason for this decline is the recent lower cost for oil. This trend has helped pump prices fall steadily for three straight months. Today’s national average is 26 cents less than a month ago but 53 cents more than a year ago. 

At the close of Friday’s formal trading session, West Texas Intermediate increased by $3.25 to settle at $86.79. Although a weakening dollar helped to increase crude prices at the end of the week, prices dropped earlier in the week amid ongoing market concerns that oil demand will fall if economic growth slows or stalls due to a recession. 

 Additionally, EIA’s latest weekly report showed that total commercial crude inventories increased significantly by 8.9 million barrels to 427.2 million barrels.  

According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.59 million barrels per day to 8.73 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by 300,000 barrels to 214.8 million barrels.  

Although gasoline demand has increased slightly, lower oil prices have led to falling pump prices. If gasoline demand begins to subside, as it typically does post-Labor Day with the end of summer driving, AAA predicted that pump prices could continue to decrease.