Crude Oil Prices Decline

From the East Penn Region, of AAA East Central, an affiliate of AAA and the Pennsylvania AAA Federation:

According to AAA’s Fuel Gauge Report, crude oil prices declined sharply over the last week, and the national average price of gasoline at the pump has continued a steady, month-long decline.

This week, West Texas Intermediate crude oil prices settled down 55 cents at $97.94 per barrel, which is the lowest closing price since February 6. After WTI Crude settled at $106.16 last Tuesday -- the highest price since last March --yesterday’s settlement marked a decline of more than $9 per barrel in less than one week, which is the largest decline of 2012. This past Saturday, May 5, marked one year since the peak national average price of self-serve regular gasoline in 2011: $3.98 per gallon. 

The current national average retail price for a gallon of self-serve regular gasoline is $3.763 down 16.6 cents from last month. In Pennsylvania, today’s average price of self-serve gasoline is $3.784 down 19.3 cents from a month ago and 20.4 cents lower than a year ago. In the Lehigh Valley, the average price for self- serve regular unleaded gasoline is $3.768 per gallon which is 19.7 cents lower than a month ago and 18.3 cents lower than a year ago. In the Philadelphia market, the average price for self-serve regular unleaded gasoline is $3.848 per gallon which is 12.6 cents lower than a month ago and 19.3 cents lower than a year ago. 

5/8/2012

WEEK AGO

YEAR AGO

NATIONAL

3.763

3.809

3.966

PENNSYLVANIA

3.784

3.856

3.988

ALLENTOWN/BETHLEHEM/EASTON

3.768

3.861

3.951

PHILADELPHIA 

3.848

3.903

4.041

As North America’s largest motoring and leisure travel organization, AAA provides more than 53 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. 

The East Penn Region, of AAA East Central, an affiliate of AAA and the Pennsylvania AAA Federation, has more than 280,000 members throughout its service area which takes in all of Lehigh County, and parts of Bucks, Carbon, Chester, Montgomery and Northampton Counties.