Gas prices in Philadelphia region expected to remain stable, AAA says

Wednesday, August 9, 2023
PHILADELPHIA (WPVI) -- AAA travel experts believe gas prices in the Philadelphia region will remain stable for now unless the prices of crude oil are unexpectedly impacted.

The price to fill up hasn't stopped drivers from hitting the road in record numbers all summer.
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"A lot cheaper than last year, so I guess at this point we're all pretty used to it. I don't think we even notice," said Center City resident Jamar Mofield.

AAA said the Philadelphia five-county area is currently averaging $3.93 cents per gallon.

"If crude oil remains steady or even drops off a bit, the likelihood of seeing $4 before Labor Day is slim to none," said AAA spokesperson Jana Tidwell.

Tidwell said crude oil is a big factor that goes into the price of gasoline.



"Because 50% to 60% of a gallon of gasoline is made up of crude oil," Tidwell said.

Tidwell said the region is currently about .25 cents per gallon higher than this time last month. She said that's because refineries pulled back on production during major heatwaves, but now crude oil prices have stabilized.
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"As we look ahead to Labor Day and perhaps those last 100 days of the year, we anticipate if all things remain the same that the price of gasoline will decline as demand tapers off, the summer driving season comes to an end," Tidwell said.

Right now, some drivers are still hoping for a significant decline.

"It's just a little too much for your pockets, people that have families, children. It's hard to get around where we actually need to get around to," said West Philadelphia resident Tee Freeman.

Tidwell said hurricane season could potentially cause a shift in prices if refineries are impacted.



"It will only take one major hurricane to impact the US Gulf coast, that could send prices higher," Tidwell said.

For now, drivers shouldn't expect any major increases leading up to Labor Day.
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