Local gas prices down slightly as national prices hold steady

While gas prices held steady nationally, they’re down locally.

The average price for a gallon of gas in Pennsylvania is 2.2 cents lower this week to $3.643 per gallon, according to AAA East Central’s Gas Price Report.

In the Lehigh Valley the average price for a gallon of gas was down slightly to $3.557 on June 18. On June 11 the average price was $3.563.

The price is also slightly lower than one year ago. On June 18, 2023 the average price for a gallon of gas was $3.582

The national average for a gallon of gasoline has remained steady over the past week at $3.44.

AAA said that lackluster gasoline demand, increasing supply and stable oil costs are contributing to stationary pump prices.

Today’s national average, however, is 15.3 cents lower than a month ago and 13.6 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand crept higher from 8.94 million barrels per day to 9.04 last week. Meanwhile, total domestic gasoline stocks jumped from 230.9 to 233.5 million barrels as production increased last week, averaging 10.1 million barrels per day.

AAA said that mediocre gasoline demand, increasing supply, and stable oil costs will likely lead to falling pump prices.

At the close of Wednesday’s formal trading session, West Texas Intermediate rose by 60 cents to settle at $78.50 a barrel. The EIA reports that crude oil inventories increased by 3.7 million barrels from the previous week.

At 459.7 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year, AAA said.

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