Gasoline Prices Continue To Rise

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 prices turned lower yesterday as bearish international economic news weighed on markets which put crude down $1.06 per barrel yesterday to settle at $106.34.

Since December of last year, mounting tensions between Iran and western countries and the associated increased uncertainty of future global crude supply has kept upward pressure on oil prices. 

Despite this anemic demand, gasoline prices continue to rise as high crude prices, future supply concerns, and signs of economic recovery keep upward pressure on RBOB (wholesale) gasoline futures. As crude oil and wholesale gasoline prices continue to move higher, motorists across the country face increased rising gas prices at the pump. 

The current national average retail price for a gallon of self-serve regular gasoline is $3.805 up 29.6 cents from last month. In Pennsylvania, today’s average price of self-serve gasoline is $3.769 up 15.9 cents from a month ago and 20.6 cents higher than a year ago. In the Lehigh Valley, the average price for self- serve regular unleaded gasoline is $3.744 per gallon which is 13.5 cents higher than a month ago and 19.9 cents higher than a year ago. In the Philadelphia market, the average price for self- serve regular unleaded gasoline is $3.765 per gallon which is 14.7 cents higher than a month ago and 19.3 cents higher than a year ago. 

3/13/2012

WEEK AGO

YEAR AGO

NATIONAL

3.805

3.764

3.558

PENNSYLVANIA

3.769

3.774

3.563

ALLENTOWN/BETHLEHEM/EASTON

3.744

3.756

3.545

PHILADELPHIA 

3.765

3.771

3.572

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.