As millions of motorists kicked off the summer travel season this week, Susquehanna Valley gas prices edged up four cents to $3.492 per gallon.
On the national front
Today's national average price for regular unleaded gasoline is $3.63 per gallon. This price is 13 cents more expensive than one month ago, but it is 3 cents less expensive than one week ago. The average American motorist has enjoyed a lower year-over-year pump price for 87 consecutive days, but those savings have narrowed substantially to less than two cents per gallon, down significantly from the peak year-to-date discount of 39 cents on April 18.
The recent decline in the national average has been keyed by dramatic price drops in the Midwest where many motorists have seen pump prices retreat from historic highs. Following a breakneck run up due to low gasoline supplies and significant refinery maintenance - both planned and unplanned - a handful of states in that region have registered week-over-week declines of more than 10 cents per gallon.
While national gasoline markets have been driven by regional supply and production issues, West Texas Intermediate (WTI) crude oil prices remained relatively flat in recent weeks. At the close of today's formal trading on the NYMEX, WTI settled up 86 cents at $95.01 per barrel.
(AAA East Central, part of the AAA family, serves members in Pennsylvania, West Virginia, Ohio, New York and Kentucky. Fuel Gauge is published each week in The News-Item.)