Crude Oil Price Increase Is Third Largest Since Start Of 2009

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 fell by $1.21 per barrel yesterday to settle at $108.70. Despite only four trading days due to the Presidents’ Day holiday, last week’s increase in crude prices was the third largest since the start of 2009 and the largest since the first week of March 2011, when prices surged above $100 per barrel for the first time since 2008. 

Despite weekly reports of anemic demand, gas prices at the pump continue to rise and have now increased for 32 consecutive days. As gas prices have risen in 2012, it has not been an even increase across all regions. Those in the center of the United States continue to be supplied by refineries with access to cheaper, landlocked crude producers. 

The current national average retail price for a gallon of self-serve regular gasoline is $3.716 up 29.7 cents from last month. In Pennsylvania, today’s average price of self-serve gasoline is $3.758 up 23.4 cents from a month ago and 41.6 cents higher than a year ago. In the Lehigh Valley, the average price for self- serve regular unleaded gasoline is $3.731 per gallon which is 24 cents higher than a month ago and 40 cents higher than a year ago. In the Philadelphia market, the average price for self- serve regular unleaded gasoline is $3.749 per gallon which is 25.2 cents higher than a month ago and 38.7 cents higher than a year ago. 

2/28/2012

WEEK AGO

YEAR AGO

NATIONAL

3.716

3.570

3.368

PENNSYLVANIA

3.758

3.666

3.342

ALLENTOWN/BETHLEHEM/EASTON

3.731

3.657

3.331

PHILADELPHIA 

3.749

3.667

3.362

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.