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  • Lehigh Valley Business

    Local gas prices up after weeks of decline

    By Stacy Wescoe,

    1 days ago

    While dropping nationally, gas prices in Pennsylvania and the Lehigh Valley increased slightly after several weeks of decline.

    According to the latest report from AAA East Central, the average price for a gallon ofgasin Pennsylvania is 3.2 cents higher this week at $3.344 pergallon.

    In the Lehigh Valley the average price for a gallon of gas was $3.251 on Oct. 8, up from $3.198 on Oct. 1.

    AAA said that despite higher crude oilprices, the national average for a gallon ofgasfell 2.3 cents over the past week to $3.181.

    There are now 16 states with averages below $3 a gallon. And OPEC+ is saying, at least for now, they will increase production starting Dec. 1, putting even more downward pressure on pumpprices.

    Tuesday’s national average is 9.2 cents less than a month ago and 52.8 cents less than a year ago.

    While Hurricane Helene's devastation did little to impactgasoline supply, it crushed demand in affected areas by destroying infrastructure and causing power outages. Also, the ongoing tensions between Iran and Israel are fueling worries that oil shipments could be disrupted through the Straits of Hormuz, a vital chokepoint for maritime traffic. This has led to oilpricescreeping higher.

    Copyright © 2024 BridgeTower Media. All Rights Reserved.

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