PENNSYLVANIA (EYT) – Gas prices are 17 cents higher in Western Pennsylvania this week at $5.029 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Pennsylvania Average: $5.029
Average price during the week of June 6, 2022: $4.851
Average price during the week of June 14, 2021: $3.251
The average price of unleaded self-serve gasoline in various areas:
$5.003 Altoona
$5.044 Beaver
$4.990 Bradford
$5.025 Brookville
$5.054 Butler
$5.043 Clarion
$5.018 DuBois
$5.018 Erie
$5.010 Greensburg
$5.017 Indiana
$5.035 Jeannette
$5.036 Kittanning
$5.033 Latrobe
$5.008 Meadville
$5.052 Mercer
$5.043 New Castle
$5.031 New Kensington
$4.993 Oil City
$5.059 Pittsburgh
$5.037 Sharon
$5.057 Uniontown
$4.998 Warren
$5.055 Washington
Trend Analysis:
The cost of a barrel of oil is hovering near $120, nearly double last August’s price, as increased oil demand outpaces the tight global supply. Meanwhile, domestic gasoline demand remains robust as the summer driving season ramps up. As a result, the national average for a gallon of gas surged and is 15 cents more than a week ago, 58 cents more than a month ago, and $1.94 more than a year ago. Today’s national average is $5.01— a price never seen since AAA began collecting pricing data in 2000.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 800,000 barrels to 218.2 million barrels last week. Meanwhile, gasoline demand grew from 8.98 million barrels per day to 9.2 million barrels per day as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases. This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. Coupled with increasing crude oil prices, this means that the price of gas will likely remain elevated for the near future.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by 84 cents to settle at $120.67. Although prices ended lower on Friday due to the rising value of the dollar, crude prices increased earlier last week in response to global supply concerns amid expected demand increases, particularly as China emerges from lockdowns that reduced crude demand. Crude prices have increased despite EIA reporting that total domestic stocks increased by 2.1 million barrels to 416.8 million barrels last week. However, the current storage level is still approximately 12 percent lower than a year ago, contributing to rising crude prices. Crude prices could rise further this week if EIA’s next report shows an inventory decline.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
