Crude Oil Prices Drop

According to AAA's Fuel Gauge Report, at the close of formal trading on the NYMEX on Tuesday, West Texas Intermediate crude oil dropped 10 cents to $90.76 per barrel. Crude weakness in the global economy and other international factors has pushed oil prices down recently. 

The 34.8 million Americans that AAA estimated traveled 50 miles or more from home over the busy Memorial Day holiday weekend found some welcome relief as they filled up for their holiday travel. Motorists are paying 30 cents less than in early April when the national average gas price peaked at $3.94 on April 5.   

The current national average retail price for a gallon of self-serve regular gasoline is $3.620 down 18.9 cents from last month. In Pennsylvania, today’s average price of self-serve gasoline is $3.587 down 26.9 cents from a month ago and 21 cents lower than a year ago. In the Lehigh Valley, the average price for self- serve regular unleaded gasoline is $3.527 per gallon which is 34.6 cents lower than a month ago and 25.5 cents lower than a year ago. In the Philadelphia market, the average price for self-serve regular unleaded gasoline is $3.672 per gallon which is 23.5 cents lower than a month ago and 20.5 cents lower than a year ago. 

5/31/2012

WEEK AGO

YEAR AGO

NATIONAL

3.620

3.676

3.780

PENNSYLVANIA

3.587

3.645

3.797

ALLENTOWN/BETHLEHEM/EASTON

3.527

3.603

3.782

PHILADELPHIA 

3.672

3.718

3.877

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.