Gas prices reach seasonal record highs in Pennsylvania, Lehigh Valley
Gas averages in Pennsylvania and the Lehigh Valley reached seasonal record highs above $4 per gallon, driven by crude oil swings and small changes in supply and demand data.
While the average price for a gallon of gas in Pennsylvania is a penny cheaper this week at $4.462, prices are still at an all-time high for the time of year according to AAA East Central’s Gas Price Report.
In the Lehigh Valley, the average price for a gallon of gas on Oct. 12 was actually higher at $4.368 compared to $4.320 one week ago and $3.158 at this time last year.
Nationally gas prices are also at a record seasonal high, although the national average dropped a penny this past week to $4.35.
According to AAA, this is the first year the national average has been above $4 per gallon in October.
After dipping into the $80 per barrel range for several days, crude oil is back above $90 per barrel. Today’s national average is four cents more than a month ago and $1.27 more than a year ago.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.68 million barrels per day to 8.76 million. Total domestic gasoline supply increased slightly from 204.4 million barrels to 204.7 million. Gasoline production decreased from 9.46 million barrels per day to 9.34 million barrels.
At the close of Wednesday’s formal trading session, West Texas Intermediate fell $1.16 to settle at $88.28 per barrel. The EIA reports that U.S. crude oil inventories decreased 3.2 million barrels to 424.1 million barrels, 1% above the five-year average.