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AAA: Gas Prices Soar in Western PA; Crude Prices Fluctuate Amid Geopolitical Tensions

CLARION CO., Pa. – Gas prices are 11 cents higher in Western Pennsylvania this week at $3.739 per gallon, according to AAA East Central’s Gas Price Report.

Clarion County drivers are paying an average of $3.738 a gallon for regular unleaded gasoline. In Venango County, the standard price is $3.759. The average in Jefferson County is $3.727.

This week’s average prices:
Western Pennsylvania Average: $3.739
Average price during the week of February 16, 2022: $3.629
Average price during the week of February 22, 2021: $2.940

The average price of unleaded self-serve gasoline in various areas:

$3.755 Altoona
$3.685 Beaver
$3.755 Bradford
$3.727 Brookville
$3.694 Butler
$3.738 Clarion
$3.670 DuBois
$3.738 Erie
$3.606 Greensburg
$3.698 Indiana
$3.686 Jeannette
$3.609 Kittanning
$3.640 Latrobe
$3.754 Meadville
$3.769 Mercer
$3.563 New Castle
$3.681 New Kensington
$3.759 Oil City
$3.675 Pittsburgh
$3.664 Sharon
$3.698 Uniontown
$3.757 Warren
$3.635 Washington

Trend Analysis:

The potential invasion of Ukraine by Russia is having a rippling effect on the oil market, which in turn will impact the price of gasoline in the U.S. The national average for a gallon of gas has risen to $3.53, four cents more than a week ago, 21 cents more than a month ago and 90 cents more than a year ago.

A Russian attack would be met by severe financial sanctions led by the United States and its allies. Russia could retaliate by withholding oil from the world market, which is already dealing with tight supplies as countries loosen COVID restrictions. Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.3 million barrels to 247.1 million barrels last week. On the other hand, gasoline demand fell from 9.13 million barrels per day to 8.57 million barrels per day. Typically, a decrease in gas demand during the winter would put downward pressure on pump prices, but elevated crude prices continue to push pump prices higher.