Gas prices surge in Pennsylvania, Lehigh Valley and nationwide
Average pump prices in Pennsylvania rose about 36 cents this week, with Lehigh Valley drivers paying roughly $4.45 per gallon as national averages climb amid rising oil prices.
Gas prices are soaring both locally and nationally.
According to the latest Gas Price Report from AAA East Central, the average price for a gallon of gas is 36 cents higher in Pennsylvania this week at $4.528.
In the Lehigh Valley, the average price for a gallon of gas rose to $4.445
up from $4.123 one week ago and drastically higher than one year ago when it was $3.175.
In the Harrisburg area, the average price for a gallon of gas was $4.436 up from $4.198 the week prior and $3.293 this time last year.
Nationally, after ticking down for nearly two weeks, gas prices are going back up again with the national average seeing a 34-cent hike in one week.
AAA reports that the national average is $1.29 higher than it was this time last year, as oil prices surge above $100/barrel with no indication of when the Strait of Hormuz will reopen.
Gas prices are the highest they’ve been in four years, since late July 2022, AAA said.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 9.05 million barrels per day to 9.10 million.
Total domestic gasoline supply decreased from 228.4 million barrels to 222.3 million. Gasoline production decreased last week, averaging 9.8 million barrels per day.
At the close of Wednesday’s formal trading session, West Texas Intermediate rose $6.95 to settle at $106.88 a barrel.
The EIA reports crude oil inventories decreased by 6.2 million barrels from the previous week. At 459.5 million barrels, U.S. crude oil inventories are about 1% above the five-year average for this time of year.