Crude Oil Prices Move Lower

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 moved lower yesterday, as the U.S. dollar strengthened. This continued the inverse relationship between the dollar and crude prices that has prevailed for much of this year. Crude prices still moved lower as West Texas Intermediate crude oil settled down 13 cents at $93.19 per barrel at the close of yesterday’s formal trading on the NYMEX.

While crude oil prices have increased for much of October -- from $75.67 per barrel on October 4 to yesterday’s price of $93.19 -- the national average price for gasoline at the pump has remained relatively flat and increased by three cents per gallon during the same period. 

The current national average retail price for a gallon of self-serve regular gasoline is $3.437 up 1.3 cents from last month. In Pennsylvania, today’s average price of self-serve gasoline is $3.475 down a penny from a month ago and 61 cents higher than a year ago. In the Lehigh Valley, the average price for self- serve regular unleaded gasoline is $3.436 per gallon. That is 3.4 cents lower than a month ago and 59 cents higher than a year ago. In the Philadelphia market, the average price for self- serve regular unleaded gasoline is $3.491 per gallon. That is 5 cents lower than a month ago and 59.9 cents higher than a year ago. 

11/1/2011

WEEK AGO

YEAR AGO

NATIONAL

3.437

3.446

2.803

PENNSYLVANIA

3.475

3.492

2.865

ALLENTOWN/BETHLEHEM/EASTON

3.436

3.461

2.843

PHILADELPHIA 

3.491

3.506

2.892