Gas prices stabilize in Lehigh Valley after recent spike
Local pump prices held near $3.93–$3.94 as national averages edge higher and crude remains elevated amid the Iran conflict and spring travel demand.
After skyrocketing in recent weeks because of the conflict with Iran, the average price for a gallon of gas stabilized in Pennsylvania this week at $3.942, according to AAA East Central‘s Gas Price Report.
In the Lehigh Valley the price largely remained unchanged at $3.927 on March 30. It was at $3.928 one week ago. One month ago, the price was $3.140.
Today’s national average of $3.99, however, is up four cents over the past week and more than one dollar since last month.
Crude oil prices remain high as the Iran conflict hits the four-week mark.
The national average could reach $4/gallon in the coming days for the first time since August 2022.
Gasoline demand is also on the rise as spring break season continues, another factor in surging pump prices.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.72 million barrels per day to 8.92 million. Total domestic gasoline supply decreased from 244 million barrels to 241.4 million. Gasoline production increased last week, averaging 9.7 million barrels per day.
At the close of Wednesday’s formal trading session, West Texas Intermediate fell $2.03 to settle at $90.32 a barrel. The EIA reports crude oil inventories increased by 6.9 million barrels from the previous week. At 456.2 million barrels, U.S. crude oil inventories are about 0.1% above the five-year average for this time of year.