Susquehanna Valley gas prices are up 11 cents again this week, according to AAA East Central. A gallon of gas averages $3.652.
Across the nation
Today's national average price for regular unleaded gasoline is $3.67 per gallon. This price is 3 cents more than a week ago, nine 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 on 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. While the national price at the pump has now technically fallen for 4 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.
This sharp increase has been attributed to production concerns, most notably due to operational issues at Irving's Saint John Refinery in Canada, which have been a catalyst for sharply higher pump prices in recent weeks. 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, resulting in continued upward pressure on prices.
As noted, higher crude oil prices have meant a rising tide for gasoline prices across the country. Entering July, West Texas Intermediate (WTI) 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 last Friday. Continued unrest in Egypt has contributed to higher crude oil prices globally. At the close of formal trading Monday on the NYMEX, WTI settled at $106.91 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.)
This week's Susquehanna Valley average price: $3.652
Average price during the week of July 16, 2013: $3.540
The following is a list of the average price of unleaded self-serve gasoline in various areas:
Lewisburg - $3.619
Mifflinburg - $3.662
Milton - $3.654
Selinsgrove - $3.657
Shamokin - $3.656
Sunbury - $3.663