Gas prices in region rise 2 cents this week
Susquehanna Valley gas prices rose about two cents to $3.73 a gallon this week, according to AAA East Central.
On the national front
As we approach the end of the first full month of the 2014 summer driving season, the national price for regular unleaded gasoline is $3.68 per gallon, which is the highest price for early summer in six years. The average price at the pump has increased for 13 consecutive days for a total of four cents per gallon, narrowing the gap between the current retail price and the 2014 peak of $3.70 per gallon reached on April 28.
Tuesday's average is two cents more than one week ago and motorists are paying 11 cents more per gallon than a year ago.
Violence keyed by the militant group known as ISIS (the Islamic State in Iraq and the Levant) has continued to expand toward southern Iraq, where the majority of the country's oil production is located. These concerns have contributed to increased global oil prices, which makes it more expensive to produce gasoline.
AAA had previously predicted that the national average price of gas would fall some 10 to 15 cents per gallon in June, but that now appears unlikely due to higher oil costs. This means that even though the national average has only increased a few cents per gallon since the Iraq violence intensified, drivers are likely to pay substantially higher gas prices than they would have otherwise.
After a run-up to a new nine-month high to end last week, and with no major market-moving news over the weekend, crude oil prices moved slightly lower on Monday. At the close of formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled 66 cents lower at $106.17.
(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 - $3.733
Average price during the week of June 17, 2014 - $3.712
Average price during the week of June 25, 2013 - $3.498
The following is a list of the average price of unleaded self-serve gasoline in various areas:
Lewisburg - $3.698
Mifflinburg - $3.852
Milton - $3.710
Selinsgrove - $3.683
Shamokin - $3.51
Sunbury - $3.703