AAA’s latest survey finds gasoline surges 14 cents per gallon in a week
Western Pennsylvania gas prices are up almost 14 cents to an average of $3.676 for a gallon of unleaded regular this week, according to AAA East Central.
The travel agency’s survey of prices at more than 20 towns and cities in the region included the Washington area, where a gallon of unleaded regular averaged $3.707.
AAA said in a news release Tuesday that the higher regional average mirrored Wednesday’s national average price for regular unleaded gasoline, which also stood at $3.67 per gallon.
The latest price is 3 cents more than a week ago, 9 cents more than one month ago and 20 cents more than the same day last year.
A decline of one one-hundredth of a penny Saturday ended a streak of 12 straight overnight increases, during which time the national average had spiked 20 cents – the largest such increase since February.
AAA noted that while the national price at the pump has now technically fallen for four straight days, it has dropped just fractions of a penny and likely represents a temporary respite rather than the start of a return to lower prices.
Prices in the Northeast and Mid-Atlantic were relatively stable this spring; however retail prices in 10 states in these two regions have jumped by at least 20 cents in the last 14 days.
According to AAA, the sharp increase has been attributed to production concerns, most notably due to operational issues at a refinery in Canada. While not yet confirmed, market analysts believe that the Irving refinery is unlikely to return to full production until after the conclusion of the summer driving season in early September, which would be expected to keep upward pressure on prices.
Higher crude oil prices have meant a rising tide for gasoline prices across the country.
Entering July, West Texas Intermediate crude oil had not settled above the $100 per barrel threshold for more than a year. That streak ended on July 3 and WTI has settled above $100 each trading day since, including a 16-month high of $108.05 per barrel on Friday.
Continued unrest in Egypt has contributed to higher crude oil prices globally. At the close of formal trading Monday on the New York Mercantile Exchange, WTI settled at $106.91 per barrel.