Iran Tension Driving Oil Markets

From the East Penn Region, of AAA East Central:

According to AAA’s Fuel Gauge Report, West Texas Intermediate crude increased by $1.25 yesterday to settle at $99.58 per barrel yesterday.

Oil markets continue to take direction from euro zone debt concerns and mounting geopolitical tension with Iran. 

While crude oil prices have declined slightly, gasoline prices have remained relatively flat. This comes as the potential upward pressure of expected refinery shutdowns has been offset by downward pressure from continuing demand destruction.

The current national average retail price for a gallon of self-serve regular gasoline is $3.381 up 15.1 cents from last month.

In Pennsylvania, today’s average price of self-serve gasoline is $3.502 up 19.6 cents from a month ago and 32 cents higher than a year ago.

In the Lehigh Valley, the average price for self-serve regular unleaded gasoline is $3.478 per gallon which is 21.2 cents higher than a month ago and 31.2 cents higher than a year ago.

In the Philadelphia market, the average price for self- serve regular unleaded gasoline is $3.486 per gallon which is 18.3 cents higher than a month ago and 27.7 cents higher than a year ago. 

 

1/24/2012

WEEK AGO

YEAR AGO

NATIONAL

3.381

3.381

3.112

PENNSYLVANIA

3.502

3.469

3.182

ALLENTOWN/BETHLEHEM/EASTON

3.478

3.458

3.166

PHILADELPHIA 

3.486

3.466

3.209

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.