The average price of gasoline across Western Pennsylvania is two cents lower this week at $2.569 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Pennsylvania Average $2.569
Average price during the week of August 31, 2020 $2.584
Average price during the week of September 9, 2019 $2.747
The average price of unleaded self-serve gasoline in various areas:
$2.517 New Castle
$2.572 New Kensington
$2.599 Oil City
At $2.21, today’s national average is two cents less than last week, one penny more than last month and 35 cents cheaper than a year ago. On the week, most state averages are cheaper by a few cents.
Motorists saw plenty of savings at the pump this summer. Between Memorial Day and Labor Day, the national gas price average was $2.15 – the cheapest since 2004. Demand was decimated this summer, which ultimately meant increased supply and cheap gas prices. It appears that this trend is continuing, as the latest Energy Information Administration (EIA) report shows demand has dropped from 9.16 million b/d to 8.79 b/d. Moreover, total gasoline supply is 5.2 million barrels higher than this time last year.
Moving into fall, pump prices typically move lower as certain trends take hold. While 2020 is by no means an “ordinary” year, if distribution of winter-blend gasoline begins and demand drops even further, pump prices could possibly push even lower than we’ve already seen in this year.
At the end of Friday’s formal trading session, West Texas Intermediate decreased by $1.60 to settle at $39.77 per barrel. The price of crude decreased in reaction to a decline in the stock market at the end of last week. The price decreased despite the EIA’s weekly report revealing that total domestic crude inventories dropped by 9.4 million bbl, lowering total domestic stocks to 498.4 million bbl. For this week, crude prices could decline further if crude demand concerns arise amid another stock market downturn.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 78 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.