CLARION CO., Pa. – Gas prices are 11 cents higher in Western Pennsylvania this week at $3.598 per gallon, according to AAA East Central’s Gas Price Report.
Clarion County drivers are paying an average of $3.620 a gallon for regular unleaded gasoline. In Venango County, the standard price is $3.699. The average in Jefferson County is $3.588
This week’s average prices:
Western Pennsylvania Average: $3.598
Average price during the week of January 31, 2022: $3.481
Average price during the week of February 8, 2021: $2.774
The average price of unleaded self-serve gasoline in various areas:
$3.596 Altoona
$3.592 Beaver
$3.635 Bradford
$3.588 Brookville
$3.589 Butler
$3.620 Clarion
$3.512 DuBois
$3.639 Erie
$3.550 Greensburg
$3.606 Indiana
$3.595 Jeannette
$3.571 Kittanning
$3.543 Latrobe
$3.648 Meadville
$3.644 Mercer
$3.525 New Castle
$3.586 New Kensington
$3.699 Oil City
$3.574 Pittsburgh
$3.614 Sharon
$3.610 Uniontown
$3.675 Warren
$3.541 Washington
Trend Analysis:
Blustery winter weather and geopolitical tensions are helping to drive the price of oil higher, which is in the low-$90s per barrel, nearly $30 more than in August. The recent cold weather in the U.S increased the demand for heating oil.
Meanwhile, the concern that Russia will react to potential western sanctions by withholding crude oil from the already tight global market puts heavy upward pressure on prices. The national average for a gallon of gas has surged to $3.44, eight cents more than a week ago. Gas was last this expensive in 2014.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks grew by 2.1 million barrels to 250 million barrels last week. However, gasoline demand dropped from 8.51 million barrels per day to 8.23 million barrels per day.
Usually, an increase in total stocks and a decrease in demand puts downward pressure on pump prices, but the rising cost of oil continues to push prices higher. If crude prices continue to climb, pump prices will likely follow suit.
At the close of Friday’s formal trading session, West Texas Intermediate increased by $2.04 to settle at $92.31. Additionally, EIA reported that total domestic crude stocks decreased by 1.1 million barrels to 415.1 million barrels. The current stock level is approximately 13 percent lower than at the end of January 2021, contributing to pressure on domestic crude prices.
