The national average for a gallon of regular gasoline went up 13 cents since last week to $4.27 as crude oil prices continue climbing, according to a AAA Gas Report, as the War with Iran has no end in sight.
The same trend holds true with prices in the Lower Bucks County area with prices jumping on average just under 15 cents a gallon.
For diesel gas users in the area prices spiked on average slightly more than .16 cents a gallon from last week, $5.97 to $6.14 per gallon.
Volatility in the Strait of Hormuz has pushed crude oil back to the $100 per barrel price range range for the first time since July, the report says.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.92 million barrels per day to 8.55 million. Total domestic gasoline supply increased from 205.7 million to 206.9 million barrels. Gasoline production decreased last week from 9.8 million barrels per day to 9.3 million barrels.
For the 12-month period ending in July 2026, according to the Bureau of Labor Statistics, inflation stands at 3,4 percent, down slightly from last month’s 3.5 percent. Consumer prices are up since last year, on basic needs like food (3 percent) and utilities 15 percent.
Credit: AAA Gas Report
A troubling concern the report points out is gas prices are surging during a time of year when they begin to trend downwards the report says.
“As the graph above shows, the national average is increasing during a season when gas prices typically go down due to lower gasoline demand.”
President Donald J. Trump today told a gaggle of reporters gas prices likely won’t come down until after the midterm elections.
“Right after the election, oil prices are going to be tumbling downward,” Trump said, “I think it’s going to take a little bit longer than the midterm.”
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