AAA:

Gas prices in Pennsylvania were four cents higher last week at $3.735 per gallon, according to AAA East Central’s gas price report.

Pennsylvania Average:

Average price Feb. 22, 2022 – $3.735

Average price Feb. 15, 2022 – $3.694

Average price Feb. 22, 2021 – $2.905

Allentown-Bethlehem-Easton

Average:

Average price Feb. 22, 2022 – $3.737

Average price Feb. 15, 2022 – $3.717

Average price Feb. 22, 2021 – $2.879

Philadelphia Average:

Average price Feb. 22, 2022 – $3.777

Average price Feb. 15, 2022 – $3.757

Average price Feb. 22, 2021 – $2.865

Trend Analysis:

The invasion of Ukraine by Russia is having a rippling effect on the oil market, which in turn will impact the price of gasoline in the U.S. The national average for a gallon of gas has risen to $3.53, four cents more than a week ago, 21 cents more than a month ago and 90 cents more than a year ago.

The Russian attack was met by severe financial sanctions led by the United States and its allies. Russia could retaliate by withholding oil from the world market, which is already dealing with tight supplies as countries loosen COVID-19 restrictions. Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia.

According to new data from the Energy Information Administration, total domestic gasoline stocks decreased by 1.3 million barrels to 247.1 million barrels last week. On the other hand, gasoline demand fell from 9.13 million barrels per day to 8.57 million barrels per day. Typically, a decrease in gas demand during the winter would put downward pressure on pump prices, but elevated crude prices continue to push pump prices higher.

Motorists can find current gas prices nationwide, statewide and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 72 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.