Crude Oil Prices Climb

According to AAA’s Fuel Gauge Report, West Texas Intermediate, crude oil prices moved higher to begin the week, on the news that European finance ministers had agreed to loan Spain 100 billion euros ($125 billion) to address the country’s debt issues, however these gains were reversed yesterday afternoon as optimism for the so-called “Spailout” faded and focus returned to the broader bearish global economic sentiment that has permeated the market. 

The multi-month slide in gas prices has been largely the result of bearish global economic news and declining crude oil prices, which have fallen more than $20 per barrel since the beginning of May. At the close of yesterday’s formal trading on the NYMEX, the price for WTI crude oil had decreased $1.40 to settle at $82.70 per barrel. This is the lowest settlement price for WTI crude since October 6, 2011. 

The current national average retail price for a gallon of self-serve regular gasoline is $3.542 down 18.6 cents from last month. In Pennsylvania, today’s average price of self-serve gasoline is $3.475 down 25.5 cents from a month ago and 25.1 cents lower than a year ago. In the Lehigh Valley, the average price for self-serve regular unleaded gasoline is $3.396 per gallon which is 32.5 cents lower than a month ago and 30.3 cents lower than a year ago. In the Philadelphia market, the average price for self-serve regular unleaded gasoline is $3.542 per gallon which is 26.3 cents lower than a month ago and 24.8 cents lower than a year ago. 

6/12/2012

WEEK AGO

YEAR AGO

NATIONAL

3.542

3.570

3.708

PENNSYLVANIA

3.475

3.534

3.726

ALLENTOWN/BETHLEHEM/EASTON

3.396

3.464

3.699

PHILADELPHIA 

3.542

3.615

3.790

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. AAA clubs can be visited on the Internet at HYPERLINK "http://www.AAA.com"AAA.com. 

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.