Local fuel prices fall four cents
Susquehanna Valley gas prices fell four cents to $3.55 a gallon this week, according to AAA East Central.
On the national front
Tuesday's national average price at the pump is $3.31 per gallon. This is half a penny less expensive than one week ago, but is a fraction of a penny more than the same date last year and eight cents more than one month ago.
Prices in a handful of areas have increased due to extremely cold weather causing refinery issues, yet sub-zero temperatures have also decreased demand for gasoline, which could put some downward pressure on prices.
After settling above $100 per barrel for one day Dec. 27, West Texas Intermediate (WTI) crude oil prices have tumbled back toward the $90 per barrel threshold. This sharp decline has been attributed to a stronger U.S. dollar, the return to the global market of Libyan crude, further easing of geopolitical tensions with Iran, and continued concerns surrounding weak domestic demand for gasoline. The decline continued Monday as WTI prices settled 92 cents lower at $91.80 per barrel at the close of 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.)