Cold Weather Brings Rise in Gas Prices

January 25, 2024

Gas prices are three cents higher in Western Pennsylvania this week at $3.401 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Pennsylvania Average: 3.401
Average price during the week of January 16, 2024: $3.372
Average price during the week of January 23, 2023: $3.779

Warren County drivers are paying an average of $3.599 a gallon for regular unleaded gasoline. Forest County drivers are paying an average of $3.421 a gallon.

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

$3.272 Altoona
$3.470 Beaver
$3.596 Bradford
$3.205 Brookville
$3.472 Butler
$3.348 Clarion
$3.273 DuBois
$3.239 Erie
$3.486 Greensburg
$3.485 Indiana
$3.493 Jeannette
$3.643 Kittanning
$3.498 Latrobe
$3.195 Meadville
$3.346 Mercer
$3.109 New Castle
$3.454 New Kensington
$3.399 Oil City
$3.453 Pittsburgh
$3.269 Sharon
$3.470 Uniontown
$3.599 Warren
$3.443 Washington

Trend Analysis:

The national average for a gallon of gas has increased a penny over the past week to $3.07. A likely culprit is wintery weather, which hampers refining operations and gasoline distribution. This has resulted in some frigid regions seeing pump price jumps. Today’s national average is five cents less than a month ago and 34 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand remains robust after it took a slight step back from 8.33 to 8.27 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 3.1 million barrels to 248.1 million barrels. Fluctuating oil prices, alongside robust demand, have pushed pump prices up, but price gains have been capped due to rising stock levels.

At the close of Wednesday’s formal trading session, West Texas Intermediate increased by 16 cents to settle at $72.56. Oil prices rose after supply outages due to winter storms caused market concern about tight supply being able to meet demand. Additionally, the EIA reported that total domestic commercial crude stocks decreased by 2.5 million barrels to 429.9 million barrels.

Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.

         

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