Susquehanna Valley gas prices dropped 11 cents this week to $3.046 a gallon Tuesday, according to AAA East Central's Fuel Gauge report.
On the national front
Tuesday's national average price of regular unleaded gasoline is $2.973 per gallon. This price is six cents less than one week ago, 33 cents less than one month ago, and 28 cents less than one year ago.
On Saturday, the national average fell below the $3 per gallon mark for the first time since Dec. 22, 2010. Today, averages in nearly half of the country are below this threshold.
National pump prices usually drop during the autumn season due to decreasing demand and the cost savings associated with producing winter-blend gasoline. However global oil prices have declined more than anticipated as supply has outpaced demand, contributing to even greater savings at the pump for drivers.
Abundant global oil production - particularly the substantial increases to U.S. production - continues to outweigh any concerns of possible supply disruptions due to geopolitical instability. Market participants continue to speculate about how the Organization of Petroleum Exporting Countries (OPEC) will respond to falling prices. West Texas Intermediate (WTI) settled at $80.54 per barrel at the close of Friday's formal trading on the NYMEX.
(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.)
This week's Susquehanna Valley average price: $3.046
Average price during the week of Oct. 29, 2014: $3.159
Average price during the week of Nov. 5, 2013: $3.344
The average price for unleaded regular gasoline in Pennsylvania Tuesday is $3.103.
The following is a list of the average price of unleaded self-serve gasoline in various areas:
Lewisburg - $2.996
Mifflinburg - $3.055
Milton - $3.017
Selinsgrove - $3.034
Shamokin - $3.118
Sunbury - $3.057