Gas prices continue to nosedive before Christmas
Motorists in the Lehigh Valley are receiving a Christmas present in the form of cheaper gas prices that have been steadily falling for the past six weeks.
According to GasBuddy, the average in the Valley for regular gas Friday morning was $3.42 per gallon, a drop of 67 cents since the latest peak of $4.09 on Nov. 8. The highest total for the year was $5.07 in June.
A batch of stations in the Bethlehem area were posting prices under $3, according to GasBuddy’s heat map. One station along Easton Avenue posted regular gas for $2.91 per gallon.
“As 2022 draws to a close, we’ve seen gas prices cut nearly in half in some areas compared to earlier this year — a well-needed break from the sky-high prices we faced just six months ago,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Finally, things are starting to feel a bit more normal with gas prices far more affordable. Americans are saving around $25 per fill-up compared to prices this summer.
“While we’re closing out the year on a positive note, challenges remain that could drive prices up again next spring.”
Compared to a year ago, the average is also less expensive. Motorists in the Valley were paying $3.51 per gallon on Christmas 2021 according to AAA.
“The cost of oil, gasoline’s main ingredient, has been hovering in the low-tomid $70s per barrel, and that’s $50 less than the peak last spring,” said Andrew Gross, AAA spokesperson. “Combined with low seasonal demand, gas prices could slide a bit more before leveling off.”
According to data from the Energy Information Administration, gas demand decreased slightly from 8.36 to 8.26 million barrels per day last week. This coincides with the arrival of the winter driving season, when fewer people hit the roads.
Increasing supply and lower gasoline demand are pushing pump prices lower.
Nationally, the average was $3.09 per gallon.
will likely see a slight increase in the new year as the latest in a series of gas tax increases goes into effect on Jan. 1.
PennDOT says the gas tax will go up from about 58 cents per gallon to more than 61 cents per gallon and diesel fuel will rise from more than 74 cents per gallon to 78 cents.
The state gas tax, which is assessed at the wholesale level, was part of Act 89 of 2013 that was signed into law during the Corbett administration.
Gas tax to go up in new year Drivers in Pennsylvania