Gas prices up nearly 8 cents
Susquehanna Valley gas prices increased nearly eight cents to $3.83 a gallon this week, according to AAA East Central.
On the national front
Tuesday's national average price at the pump is $3.67 per gallon. This was about three cents less expensive than one week ago, bu nine cents more than one month ago and about 15 cents more than the same date last year. Gasoline prices may have reached a springtime peak of $3.70 per gallon last week, though it is too early to know for certain.
Drivers in 32 states saw the price at the pump decline over the past 7 days, with the largest decreases in: Indiana (-13 cents), Michigan (-11 cents) and Ohio (-10 cents), and Illinois (-7 cents). Pump prices in the Midwest have often been the most volatile in the country as refinery issues, supply bottlenecks and logistical issues have caused sometimes dramatic fluctuations.
Internationally, tensions between Russia and Ukraine remain front of mind, and the latest round of sanctions is sustaining the geopolitical "risk premium" that is factored into the market. The global market continues to be influenced by disappointing economic data from China and the expectation that delays in oil supplies from Libyan ports will persist. At the close of formal trading on the NYMEX Monday, WTI was 28 cents lower at $99.89 per barrel.