March 19, 2022
Tariq Zehawi/NorthJersey.com
Gas prices are finally going back down after reaching record-breaking prices. The average cost of a gallon in Philly and its Pennsylvania suburbs is now $4.32 according, down from the region's all-time record of $4.49 set last Thursday.
Gas prices are finally going back down across the region and the nation after they skyrocketed earlier this month.
The average cost of a gallon in Philly and its Pennsylvania suburbs was $4.32 on Saturday, according to AAA's nationwide gas price map. That's far from cheap, but it's still down from the region's all-time record of $4.49 set last Thursday.
The price decrease came as optimism about the possibility of a ceasefire in Ukraine increased, CBS News reports. Since Russia provides about 12% of the world's crude oil, concerns about supply disruptions due to the conflict drove prices up.
The value of a barrel of oil dropped below $100 for the first time in weeks on Wednesday after it ballooned to $130 earlier this month.
But it's unclear how long prices will continue dropping.
“While the decrease could be short-lived, it is nonetheless a well-needed break from the large surge in gas prices we’ve experienced over the last few weeks," said Patrick De Haan, the head of petroleum analysis at GasBuddy.
“The situation remains fluid, and escalations remain very possible, if not likely," he said. "For now, a $4.50 per gallon national average is off the table, but it certainly could be a future possibility as long as there is conflict between Russia and Ukraine.”
The national average for a gallon is currently $4.26, down from the record high of $4.33 set last Friday. Still, CBS News noted that with inflation factored in, nationwide gas prices were actually higher during the Great Recession when they made it as high as $5.24 in today's dollars.
Prices within Philadelphia's city limits are $4.37 on average, higher than the statewide $4.33, but nearby Chester County has the cheapest gas in Pennsylvania with an average price of $4.26 per gallon.
The high prices in Pennsylvania have led to calls for a reduction in the state's gas tax, which is one of the most expensive in the nation at 58 cents per gallon. That's why there's now a legislative effort in Harrisburg to cut the gas tax by 20 cents through the end of the year.
A similar effort is underway in New Jersey even though gas prices are consistently lower there. The most affordable place to buy gas in the region on Saturday was Burlington County, where a gallon was going for $4.12 on average.
But two of the region's cheapest gas destination were in Camden and Gloucester counties. The Costco in Cherry Hill was selling gallons for $3.93 and the Crown Point Truck Stop in West Deptford was selling them for $3.97, according to GasBuddy.
The average price is $4.13 in Philly's South Jersey suburbs, down from the record of $4.31 set last Thursday, and $4.23 statewide.
