Gas prices drop slightly as summer driving season begins
Gas prices in Pennsylvania and the Lehigh Valley dropped slightly this week, though they remain near four-year highs amid rising demand and supply constraints.
While gas prices remain at record highs, motorists are finding a bit of a break at the pump this week.
According to the latest Gas Price Report from AAA East Central, the average price for a gallon of gas in Pennsylvania is four cents lower this week at $4.597.
In the Lehigh Valley, the average price for a gallon of gas on May 26 was $4.478, down from $4.502 the week prior, but still drastically higher than one year ago when it was $3.176.
The national average for a gallon of regular was also four cents lower this week at $4.49.
AAA noted that even though this week’s average is cheaper than last week, gas prices are still the highest they’ve been in four years.
With gasoline demand on the rise and the prolonged closure of the Strait of Hormuz, pump prices are likely to remain elevated as the summer travel season gets underway, AAA said.
Today’s national average is 40 cents more than a month ago and $1.32 more than a year ago.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.75 million barrels per day to 8.76 million.
Total domestic gasoline supply decreased from 215.7 million barrels to 214.2 million.
Gasoline production decreased last week, averaging 9.3 million barrels per day.
At the close of Wednesday’s formal trading session, West Texas Intermediate fell $5.89 to settle at $98.26 a barrel.
The EIA reported that crude oil inventories decreased by 7.9 million barrels from the previous week. At 445 million barrels, U.S. crude oil inventories are about 2% below the five-year average for this time of year.