Gas prices dropping as nation heads into summer driving season

Gas prices are on their way down again as the nation heads into the summer driving season.

The average price for a gallon of gas in Pennsylvania is 4.3 cents lower this week at $3.721 per gallon, according to AAA East Central’s Gas Price Report.

In the Lehigh Valley the average price for a gallon of gas dropped to $3.630 on June 4, down from $3.677 on May 28.

The price is just slightly above this time last year. On June 4, 2023 the average price for a gallon of gas was $3.608.

The national average for a gallon of gasoline has fallen 6.8 cents since last week to $3.518, the largest one-week drop thus far for 2024, according to AAA.

Tuesday’s national average was 14.1 cents lower than a month ago and 3.5 cents lower than a year ago.

The primary reasons are tepid demand and a lower oil price.

According to new data from the Energy Information Administration (EIA), gas demand fell slightly from 9.31 barrels per day to 9.14 last week. Meanwhile, total domestic gasoline stocks rose from 226.8 to 228.8 million barrels.

At the close of Wednesday’s formal trading session, West Texas Intermediate declined by 60 cents to settle at $79.23 a barrel.

Prices fell despite the EIA reporting that crude oil inventories decreased by 4.2 million barrels from the previous week. At 454.7 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

Meanwhile, the Atlantic Hurricane season has begun, and forecasters are predicting it will be very active.

AAA said it’s important to remember that a storm impacting the Gulf Cost oil production and refining centers could affect gas prices.

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