GREATER PHILADELPHIA — Gas prices in Greater Philadelphia are nearing the $4 per gallon mark, echoing the record-setting summer of 2022, as per the data compiled by Stacker from AAA. The global oil supply has been under pressure due to production cuts by the Organization of the Petroleum Exporting Countries and Russia. Adding to this, flooding events in Libya have disrupted business at ports, causing further strain on international oil supplies.
Analysts are raising concerns that oil prices, and subsequently gasoline prices, may climb even higher before the year concludes. Bank of America predicts that oil prices, currently at roughly $90 a barrel, could hit $100 per barrel if demand in Asia escalates.
As of September 25, the figures for gas prices in Greater Philadelphia (PA only) are as follows:
The current price of gas is $3.92, close to Pennsylvania’s average of $3.91. This reflects a week change of -$0.03 (-0.7%) and a year change of +$0.21 (+5.6%). The historical high price of gas was recorded at $5.12 on June 12, 2022.
On the other hand, the current price of diesel is $4.92, with a week change of -$0.01 (-0.2%) and a year change of -$0.19 (-3.7%). The historical high price of diesel was recorded at $6.51 on May 21, 2022.
Comparatively, the metros with the most expensive gas prices are Los Angeles-Long Beach, CA ($6.12), Orange County, CA ($6.09), and Ventura, CA ($6.08).
In contrast, the metros with the least expensive gas prices are Albany, GA ($3.12), Warner Robins, GA ($3.17), and McAllen-Edinburg-Mission, TX ($3.18).
The rising gas prices highlight the ongoing challenges in the global oil supply and the potential repercussions on consumers’ budgets.
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