Andy Close
Gas prices are holding steady in Western Pennsylvania per AAA East Central’s latest report, checking in at an average of $4.701 per gallon.
Drivers in Warren are paying an average of $4.699 per gallon.
The average price of unleaded self-serve gasoline in various areas throughout Western Pennsylvania:
$4.758 Altoona
$4.699 Beaver
$4.702 Bradford
$4.669 Brookville
$4.709 Butler
$4.734 Clarion
$4.699 DuBois
$4.677 Erie
$4.692 Greensburg
$4.698 Indiana
$4.687 Jeannette
$4.741 Kittanning
$4.699 Latrobe
$4.696 Meadville
$4.756 Mercer
$4.681 New Castle
$4.699 New Kensington
$4.699 Oil City
$4.693 Pittsburgh
$4.659 Sharon
$4.689 Uniontown
$4.699 Warren
$4.692 Washington
Trend Analysis:
The national average for a gallon of gas rose less than three cents over the past week to reach $4.62. However, the price of crude oil, which accounts for more than 50 percent of the cost of a gallon of gas, has now moved above $115 a barrel. This is due to fears of further global supply constraints as European Union (EU) leaders announced yesterday they will ban 90 percent of Russian oil imports by the end of 2022. Crude prices also increased last week after the Energy Information Administration (EIA) reported that domestic crude supply decreased by 1 million barrels to 419.8 million barrels. The current level is approximately 13.3 percent lower than during the third week of May 2021.
Even though gasoline demand was lower last week, domestic demand may start to climb again as drivers fuel up for the three-month-long summer travel season, which began this Memorial Day weekend. AAA forecast nearly 35 million travelers hit the road for Memorial Day, the highest number since 2019, despite record prices at the gas pump. The pent-up urge to travel caused by the pandemic has outweighed high pump prices for many consumers. But 67% of drivers recently surveyed told AAA they would change their driving habits if gas hit $4.50 a gallon. That number rises to 75% at $5 a gallon.
According to EIA data, total domestic gasoline stocks decreased by 500,000 barrels to 219.7 million barrels last week. Gasoline demand also dipped from 9 million barrels per day to 8.8 million barrels per day, approximately 700,000 barrels per day lower than a year ago.
Today’s national average for a gallon of gas is 45 cents more than a month ago and $1.58 more than a year ago.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
