Crude Oil Increase Attributed To 'Weaker U.S. Dollar'

From AAA East Central, East Penn Region: 

According to AAA’s Fuel Gauge Report, West Texas Intermediate crude oil was up 35 cents yesterday, settling at $93.88.

Yesterday’s slight price increase was attributed to a weaker U.S. dollar. As the dollar weakens relative to currencies abroad, the effective purchasing power of those holding foreign currencies increases, while this happens oil futures become a more attractive investment, which exerts upward pressure on prices. 

As crude oil prices dropped last week, the price of gasoline at the pump continued to decline and is now at the lowest point since February 23. This is largely due to the substantial demand destruction that continues to weigh on the market. 

The current national average retail price for a gallon of self-serve regular gasoline is $3.213 down 14.6 cents from last month.

In Pennsylvania, today’s average price of self-serve gasoline is $3.311 down 11.3 cents from a month ago and 22.4 cents higher than a year ago.

In the Lehigh Valley, the average price for self-serve regular unleaded gasoline is $3.265 per gallon. That is 13 cents lower than a month ago and 18.9 cents higher than a year ago.

In the Philadelphia market, the average price for self-serve regular unleaded gasoline is $3.311 per gallon. That is 12.3 cents lower than a month ago and 19.7 cents higher than a year ago. 

As North America’s largest motoring and leisure travel organization, AAA provides more than 52 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 270,000 members throughout its service area which takes in all of Lehigh County, and part of Bucks, Carbon, Chester, Montgomery and Northampton Counties.