Gas Prices Drop In New Hope Area

Gasoline prices in the New Hope area have seen a noticeable decrease in recent weeks.

As of Monday, local prices range from $3.24 to $3.49 per gallon, according to GasBuddy data.

The local drop in prices reflects a national trend as the average gas price declined six cents over the past week to $3.24, reports AAA Mid-Atlantic.

Pennsylvania’s average stands at $3.37, down seven cents in the last week and 50 cents lower than last year.

The average gas price across the five counties surrounding Philadelphia has also fallen to $3.28 per gallon, marking a six-cent drop from last week and a 64-cent decrease from last year.

AAA Mid-Atlantic attributes the falling prices to reduced demand and declining oil costs.

The organization also noted a slight increase in the national average cost for public electric vehicle (EV) charging, which has risen by a penny after remaining stable for several months, according to AAA Mid-Atlantic.

“There are an ever-increasing number of states east of the Rockies that have some retail gas locations selling regular for under $3 a gallon, so drivers will have more in their wallets with autumn approaching,” said Jana Tidwell, AAA Mid-Atlantic spokesperson. “Should the national average fall below $3, it will be the first time since May 2021.”

The Energy Information Administration (EIA) reported a decrease in gas demand from 8.93 million barrels per day to 8.47 million last week, while total domestic gasoline stocks increased from 219.2 million to 221.6 million barrels.

Patrick De Haan, head of petroleum analysis at GasBuddy, predicts continued declines in fuel costs.

“We fully expect gas prices will continue to drop as Americans drive less with the onset of fall. With oil prices falling below $70 per barrel, their lowest since 2021, there’s solid room for gas prices and diesel to continue falling for some time,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Diesel prices have also decreased in recent weeks.

According to federal data, the U.S. reached new record highs in oil and gas production.