The average price of gasoline across Western Pennsylvania is four cents lower this week at $2.466 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Pennsylvania Average $2.466
Average price during the week of November 16, 2020 $2.504
Average price during the week of November 25, 2019 $2.873
The average price of unleaded self-serve gasoline in various areas:
$2.156 New Castle
$2.547 New Kensington
$2.593 Oil City
At $2.10, this Thanksgiving’s national gas price average is shaping up to be the lowest since 2015. The holiday weekend average that year was a nickel cheaper at $2.05. While in any other year, this would have been incentive for people to travel during the holiday, AAA forecasts a decrease in Thanksgiving travel this year due to the ongoing effects of the pandemic.
Today, nearly half of all states have gas price averages that are 50 to 75 cents cheaper than a year ago. West coast states are seeing the biggest year-over-year savings, while the majority of southern states’ averages are $1.99/gallon or less.
In its latest report, the Energy Information Administration (EIA) measured demand, for the week ending November 13, at 8.2 million b/d. That is not only a weekly decrease, but the lowest demand reading since mid-June. As demand dipped, U.S. gasoline stocks increased to nearly 228 million barrels. Americans can expect gas prices to continue to push less expensive heading into December.
At the close of Thursday’s formal trading session, West Texas Intermediate increased by 41 cents to settle at $42.15. Domestic crude prices increased last week amid growing market optimism that a vaccine for the coronavirus will be available by the end of 2020. However, crude prices may decline this week due to falling demand. Additionally, the EIA’s weekly report revealed that total domestic crude inventories grew by 800,000 barrels to 489.5 million barrels last week, signaling that production may be outpacing demand.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.