Gasoline prices in the New Hope-Lambertville area are climbing and being influenced by a mix of global events, industry operations, and seasonal fuel changes, according to experts.
Despite falling oil prices and tepid domestic demand, the average price for a gallon of gasoline has risen in recent weeks.
In New Hope Borough and Solebury Township, the closest nearby gas was just below $3.80 per gallon, while stations in the City of Lambertville reported gas costing $3.75 per gallon, according to data from GasBuddy.
As of this past weekend, AAA Mid-Atlantic noted an 8-cent increase in average gas prices in the area over the prior week with a year-on-year rise of 3 cents.
Across the five-county Philadelphia region, the average cost was $3.74 per gallon.
The transition to summer gasoline blends, which begins in the spring, has contributed to recent price hikes. The blends are designed to reduce evaporation rates and emissions in warmer temperatures and are more costly to produce, according to experts.
Jana Tidwell, a spokesperson for AAA Mid-Atlantic, pointed to global unrest as another factor.
“The situation overseas with war in both the Middle East and Ukraine has the oil market on edge,” said Jana Tidwell, spokesperson for AAA Mid-Atlantic. “But this is also the time of year we may see a bit of a lull in gasoline demand between the end of spring breaks and ahead of Memorial Day. So the national average for gas may waffle a bit with small increases, some flat days, and even some price dips.”
According to Patrick De Haan, head of petroleum analysis at GasBuddy, refinery maintenance has also played a significant role in the rising prices.
“It may take time for the largest pain point to be over: refinery maintenance. The next few weeks should see many refineries wrapping up their work and gasoline output should rise, putting downward pressure on gasoline prices soon,” said De Haan.
Earlier in April, De Haan warned that the switch to summer gasoline could temporarily push prices up by 20 to 50 cents per gallon in the mid-Atlantic and New England regions.
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National averages have seen a similar trend with the price for a gallon of regular gas standing at $3.67 at the end of last week, according to AAA Mid-Atlantic.
U.S. oil and gas production reached a new peak in December as the country’s oil output doubled since 2012, according to the U.S. Energy Information Administration.
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