Philly gas prices drop slightly. How long will they remain this high?
Prices at the pump dropped slightly for the first time in nearly two months, but still remain at record high levels.
The average price of gasoline in Philadelphia dropped slightly on Friday to $4.48 a gallon, according to AAA. It’s the first time prices have dropped in the area since mid-January, but the cost of a gallon of gas is still up 42 cents this week as Russia’s invasion of Ukraine continues to impact global energy prices.
A year ago, the average price of gasoline in and around the city was $2.98 a gallon. Philadelphia had set new records every day this week, topping the previous high of $4.16 a gallon set in June 2008. Statewide, the average price was $4.44.
In South Jersey, where fuel taxes are lower, the average price was $4.30 a gallon. In Delaware, the price averaged $4.28, according to AAA.
The national average is $4.33 a gallon, up 49 cents in the last week, according to AAA, though that is nearly $1 a gallon below its inflation-adjusted peak. Last year, the average cost of a gallon of gas was $2.83.
Pennsylvania Gov. Tom Wolf is one of six governors who have called on Congress to suspend the federal gas tax, which is 18.4 cents per gallon, until the end of 2022. In a statement, Wolf said the move would “ease some of the pain” Pennsylvania drivers have been experiencing at the pump without impacting infrastructure projects funded through the federal Highway Trust Fund.
State Rep. Anthony DeLuca (D., Allegheny County) has proposed suspending Pennsylvania’s tax of 58.7 cents per gallon for six months. Wolf’s office told Pittsburgh ABC-affiliate WTAE that it would review the proposed legislation once it’s introduced, pointing out in a statement that the funds are tied to repairing roads and bridges across the commonwealth.”
Here is the average cost of a gallon of gasoline, according to AAA:
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How long will gas prices continue to rise?
Experts don’t expect prices to drop anytime soon. In addition to the war in Ukraine and sanctions against Russia, gas prices typically increase in the spring and summer driving season — last year, prices began to rise near the end of April and didn’t begin to fall until mid-August. That demand for travel is likely to be higher year as restrictions related to the COVID-19 pandemic ease.
“We are expecting that this is going to be an expensive summer at the pump for consumers,” Devin Gladden, a spokesperson for AAA and an adviser at the Energy Department during the Obama administration, told the Washington Post. Gladden predicts that the national average could reach $4.50 per gallon.
Adjusted for inflation, today’s fuel prices remain below their peak in June 2008, which equates to $5.32 per gallon.
Where is the cheapest gas in Philadelphia?
GasBuddy and AAA offer a roundup of the best prices in specific locations, based on what other drivers are reporting. If a station is offering gas at a price that seems too good to be true, it probably is — check the date for the last time the price was updated.
Geico, the insurance company, also offers an online search tool and app that finds the best prices within five miles of your location.
According to a study conducted by GasBuddy in 2019, the price of a gallon of gas was lowest on Mondays and highest on Fridays and Saturdays.