Susquehanna Valley area regular unleaded gas prices went up about six cents to $3.438 a gallon, according to AAA East Central's Fuel Gauge report.
AAA East Central surveys 35 gas stations in the Susquehanna Valley area for its report report issued Tuesday. The lowest price was in Shamokin at $3.382 and the highest price was in Mifflinburg at $3.459.
On the National Front
With just one week remaining before many parts of the country begin the switch to cheaper winter-blend fuel, the national average price for regular unleaded gasoline is $3.43 per gallon.
Most consumers are experiencing month-over-month savings for retail gasoline, including Pennsylvania. Pennsylvania (-10 cents) and New York (-10 cents) are among those experiencing the largest declines in gas prices statewide compared to prices last month.
The national average price for retail gasoline historically declines in the weeks after Labor Day, due to the end of the summer driving season and ample supply. September also marks the start of refineries beginning their yearly transition to producing a winter-blend of gasoline.
This blend is cheaper to make because it does not need to meet emissions requirements that are in place in many areas to prevent pollution when temperatures are warmer. Motorists usually enjoy cost savings during this period; however, geopolitical instability, hurricanes or events that disrupt production could still cause temporary spikes in regional prices in the coming months.
Global markets are keeping an eye on geopolitical unrest, particularly in Ukraine and Iraq. To date, developments in these regions have had little impact on supply and, subsequently, the retail price of gasoline. News last week of a possible ceasefire between Russia and Ukraine put further downward pressure on oil prices.
Despite some reports of violence over the weekend and the announcement Monday of additional European sanctions on Russia, global oil prices continue to slide. At the close of formal trading on Monday of the NYMEX, West Texas Intermediate (WTI) crude oil settled 63 cents lower at $92.66 per barrel. This marks the lowest settlement for WTI since January 14.
(AAA East Central - a not-for-profit association with 82 local offices in Pennsylvania, West Virginia, Ohio, New York and Kentucky servicing 2.7 million members - provides Fuel Gauge each week.)