PHILADELPHIA (KYW Newsradio) — Gas prices have been inching up again in our region and the rest of the country.
The average right now in Philadelphia is $4.37 for a regular gallon of gas, according to AAA Mid-Atlantic — 10 cents more than last week. In South Jersey, it’s $4.16 a gallon, which is 11 cents higher than last week.
The latest rise at the pump is caused by a perfect storm in the oil industry: The price of a barrel of oil is above $100 right now, and demand is also up as we get closer to the summer travel season.
And, as is the case every year, AAA Mid-Atlantic spokesperson Jana Tidwell said gas stations are switching from a winter to summer blend of gas, which is more expensive to produce.
“That’s mandated by the EPA,” she said, as it is less harmful to the environment in the warmer months. “Summer-blended gasoline is more expensive to produce, so that passes on a 5- to 15-cent per gallon increase off to the consumer.”
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Stations have until June 1 to make the change. The price bump lasts through September, when the transition back to the winter happens.
With so much uncertainty, in large part because of the Russian war in Ukraine, it’s not clear how much longer we’ll have to deal with higher prices overall.
“It really is just too soon to tell and there’s way too much volatility in the market right now,” Tidwell added.
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