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Gas prices remain steady

The average price for a gallon of gas in Pennsylvania is stable this week at $3.647 per gallon, according to AAA East Central’s Gas Price Report.

The average price last week in the state was $3.649. The average price a year ago in the state was $3.517.

In the Lehigh Valley, the average price of gas this week is $3.516. It was $3.508 last week.

The national average for a gallon of gas rose almost six cents over the past week to $3.327. Tuesday’s average is almost 17 cents more than a month ago and almost two cents more than a year ago. Shorter days and winter weather are combining to lower gasoline demand, but the price of oil rose as worries of a global economic recession eased. The main factor in this week’s increase is the higher cost of oil which accounts for more than half of the cost of a gallon of gas.

According to data from the Energy Information Administration, gas demand barely budged last week, rising slightly from 7.51 million barrels per day to 7.56 barrels per day. Meanwhile, total domestic gasoline stocks rose from 222.7 million barrels to 226.8 million barrels. Flat gasoline demand and increased supply are contributing to limited pump price increases.