Gas prices for a gallon of regular gas fell 18 cents nationally and about 15 cents locally, AAA said Wednesday.
It marks the second straight week of decline, an AAA spokesperson told Lower Bucks Source.
Uncertainty, however, lingers over when the Strait of Hormuz will fully reopen and resume traffic.
That unknown means oil prices will likely not decrease dramatically as summertime gasoline demand starts going up, AAA said.
And with more bad news, economically speaking, Bureau of Labor Statistics data released on Thursday showed wholesale inflation rising 1.1% in May, lifting the annual rate to 6.5%, its highest since November 2022.
While wholesale inflation doesn’t exactly translate to what consumers end up paying, experts say, Thursday’s PPI (Producer Price Index), is sending warning signals that even more price hikes are possibly on the horizon.
For the moment, Lower Bucks County drivers/motorists are benefitting from the lowered fuel prices in comparison to gas prices in Philadelphia (see chart below) with costs coming in about $.43 cents per gallon cheaper in comparison.
The small reprieve for consumers on fuel prices is definitely welcomed with open arms.