Why are gas prices rising in Bucks County? Here's what you need to know
Driving to vacation is going to cost you a bit more as gas prices are on the rise just in time for the height of the summer travel season.
The recent jumps in gas prices are impacting prices in Bucks County and throughout the U.S. Here's everything you need to know about current gas prices.
What are gas prices in Bucks County?
According to AAA, prices at Bucks County pumps average $3.89 per gallon Monday morning, with statewide prices averaging $3.85.
Sunoco in Levittown was $3.86. The Sunoco and Wawa, both on Main Street in Doylestown, were $3.96. The Lukoil was $3.90. The Riggins in Bensalem was $3.70, while the bp on Bristol Road was $3.90. And many gas stations in Quakertown were topping off at $3.96, but motorists could find fuel for $3.86 at the Speedway and US Gas Minimart.
Monday's average prices in Pennsylvania are a 5% jump from last week and a 6% increase from a month ago, when prices for regular gas was $3.71 and $3.64 per gallon, respectively.
The national average for a gallon of regular unleaded jumped 13 cents last week to $3.71, an eight-month high, according to AAA.
The good news is that prices are nowhere close to what they were last summer, when U.S. and European Union sanctions hampered Russia's ability to sell crude oil in global markets.
The Philadelphia 5-county metropolitan area gas price average, which according to AAA sat at $3.85 on Friday, was still 66 cents lower than the year prior, when a gallon of gas in the area cost you $4.51 on average.
Why are Bucks County gas prices rising?
AAA Mid-Atlantic spokesperson Jana Tidwell said in a press release Friday that gas demand "remains tepid" and is lower than at this time both last year and in 2021.
If not a demand problem, the rise in oil prices must stem from constraints on supply, and it turns out the scorching hot temperatures felt last week throughout the country are causing problems for the oil refineries that convert oil into usable products like gasoline.
“We are seeing refiners in Texas, Louisiana, Tennessee and some other states struggle to run anywhere near at maximum rates,” global head of energy analysis at Oil Price Information Service Tom Kloza said in a USA Today report. “Petroleum engineers can tell you that when ambient temperatures get to the 100-degree neighborhood, it is difficult to run at maximum levels.”
Will gas prices drop any time soon?
In the short-term, prices may depend on refineries.
“There is the fear of more refinery downtime along with the major fear of a hurricane probability cone in the Gulf of Mexico,” Kloza said. “If those fears are removed, we will see substantial gasoline price drops, even if crude oil remains above $80 per barrel.”
U.S. West Texas Intermediate (WTI) crude was last at $79.67 per barrel and world benchmark Brent was at $83.81. Both are on track for a fifth weekly gain.
USA Today reporter Medora Lee contributed to this report.
This article originally appeared on Bucks County Courier Times: Gas prices in Bucks County are on the rise this week. Here's why.
