Downward Pressure On Gas Prices Continues

According to AAA’s Fuel Gauge Report, West Texas Intermediate crude oil prices decreased by 76 cents yesterday to settle at $83.27. Lower crude oil prices and economic concerns both at home and abroad remain the primary reason for the steady decline in retail gasoline prices over the past several months.

While crude prices last week remained relatively flat for a second consecutive week, persistent economic concerns and the delayed impact of the recent decline in crude prices, along with the alleviation of regional supply concerns on the West Coast, have kept downward pressure on gas prices. The national average price at the pump has now fallen for 62 of the previous 64 days.

The national average retail price for a gallon of self-serve regular gasoline is $3.497 down 19.3 cents from last month. In Pennsylvania, today’s average price of self-serve gasoline is $3.430 down 24.2 cents from a month ago and 24.6 cents lower than a year ago. In the Lehigh Valley, the average price for self- serve regular unleaded gasoline is $3.350 per gallon which is 30.3 cents lower than a month ago and 29.6 cents lower than a year ago. In the Philadelphia market, the average price for self-serve regular unleaded gasoline is $3.483 per gallon which is 27.2 cents lower than a month ago and 27.2 cents lower than a year ago. 

6/19/2012

WEEK AGO

YEAR AGO

NATIONAL

3.497

3.542

3.650

PENNSYLVANIA

3.430

3.475

3.676

ALLENTOWN/BETHLEHEM/EASTON

3.350

3.396

3.646

PHILADELPHIA 

3.483

3.542

3.755

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.