Crude Oil Reaches 'Highest Settlement Price Since May'

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, West Texas Intermediate crude oil increased by $2.60 per barrel yesterday to settle at $105.84. This is the highest settlement price since May 4, 2011. Crude prices were driven higher yesterday by bullish news overseas. An improving economy overseas would be expected to consume more oil, which exerts upward pressure on prices.

Currently, refineries in the center of the country have access to relatively cheaper WTI crude products and refineries near the coast must purchase crude at more expensive global prices. This disparity is subsequently reflected in the price that motorists are paying at the pump, as those in the center of the country see relatively lower prices than those closer to the coast. 

The current national average retail price for a gallon of self-serve regular gasoline is $3.579 up 19.6 cents from last month. In Pennsylvania, today’s average price of self-serve gasoline is $3.675 up 17.5 cents from a month ago and 47.2 cents higher than a year ago. In the Lehigh Valley, the average price for self- serve regular unleaded gasoline is $3.661 per gallon which is 18.9 cents higher than a month ago and 47.8 cents higher than a year ago. In the Philadelphia market, the average price for self- serve regular unleaded gasoline is $3.674 per gallon which is 18.9 cents higher than a month ago and 45.4 cents higher than a year ago.  

2/22/2012

WEEK AGO

YEAR AGO

NATIONAL

3.579

3.518

3.171

PENNSYLVANIA

3.675

3.630

3.203

ALLENTOWN/BETHLEHEM/EASTON

3.661

3.623

3.183

PHILADELPHIA 

3.674

3.634

3.220

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.