Lehigh Valley drivers are getting their Christmas gift in the form of lower gas prices that have been steadily declining over the past six weeks.
According to GasBuddy, Friday morning normal gas averaged $3.42 a gallon in the Valley, down 67 cents from its most recent peak of $4.09 on Nov. 8. His highest total for the year was $5.07 in June.
According to GasBuddy’s, a series of stations in the Bethlehem area posted prices under $3. heat mapOne station along Easton Avenue sold regular gasoline for $2.91 a gallon.
“As 2022 draws to a close, we see gas prices in some regions nearly halved compared to the beginning of the year, up from the very high prices we faced just six months ago. It’s a necessary step to get out,” said Patrick De Haan. , Head of Petroleum Analysis at GasBuddy. “Finally, gas prices are much more affordable and things are starting to feel a little more normal. Americans are saving about $25 per fill compared to prices this summer. increase.
“We end the year on a positive note, but challenges remain that could push prices up again next spring.”
Compared to a year ago, the average price is also lower. The Valley driver was paying $3.51 per gallon for Christmas 2021, according to AAA.
“Prices for petroleum, the main raw material for gasoline, are hovering around $70 a barrel, $50 below their peak last spring,” said AAA spokesperson Andrew Gross. “Coupled with seasonally low demand, gas prices could fall a little further before leveling off.”
Gas demand fell slightly last week to 8.26 million barrels per day from 8.36 million barrels per day, according to Energy Information Administration data. This coincides with the arrival of the winter driving season when fewer people are on the roads. Pump prices are falling due to increased supply and decreased demand for gasoline.
Nationally, the average was $3.09 per gallon.
Pennsylvania drivers could see a slight increase in the new year as the latest in a series of gas tax hikes goes into effect on January 1st.
Gasoline tax will increase from about 58 cents to over 61 cents per gallon, and diesel fuel will rise from over 74 cents to 78 cents per gallon, according to PennDOT.
A state gas tax assessed at the wholesale level was part of Law No. 89 of 2013 signed into law during the Corbett administration.
Morning Call reporter Evan Jones email@example.com.
https://www.mcall.com/business/mc-biz-lehigh-valley-gas-prices-christmas-20221223-54olstorgjhmfbv7y7ddiqkahm-story.html#ed=rss_www.mcall.com/arcio/rss/category/news/local/ Lehigh Valley gas prices continue to plunge toward Christmas