Gas Prices Impacted More By Future Uncertainty Than Supply And Demand

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 went up two cents per barrel yesterday to settle at $106.72. Following a week that saw crude prices move lower, even as tension with Iran remained a central story, yesterday’s price movement continued to reflect concerns regarding the strength of global economies, especially as high crude prices weigh on global economic outlooks. 

The market prices for both crude oil and gasoline have been pressured higher by future uncertainty in the market rather than supply and demand fundamentals. While analysts and traders continue to discuss the level of speculation in the market, motorists across the country face steadily rising gas prices at the pump—albeit with tremendous regional disparity. 

The current national average retail price for a gallon of self-serve regular gasoline is $3.764 up 28.6 cents from last month. In Pennsylvania, today’s average price of self-serve gasoline is $3.774 up 21.6 cents from a month ago and 27.6 cents higher than a year ago. In the Lehigh Valley, the average price for self- serve regular unleaded gasoline is $3.756 per gallon which is 20.1 cents higher than a month ago and 27.5 cents higher than a year ago. In the Philadelphia market, the average price for self- serve regular unleaded gasoline is $3.771 per gallon which is 21.1 cents higher than a month ago and 26.1 cents higher than a year ago. 

3/6/2012

WEEK AGO

YEAR AGO

NATIONAL

3.764

3.716

3.509

PENNSYLVANIA

3.774

3.758

3.498

ALLENTOWN/BETHLEHEM/EASTON

3.756

3.731

3.481

PHILADELPHIA 

3.771

3.749

3.510

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 270,000 members throughout its service area which takes in all of Lehigh County, and part of Bucks, Carbon, Chester, Montgomery and Northampton Counties.