Gas Prices Lower in PA; Crude Prices Up and Down

18

Gas prices are one cent lower in Western Pennsylvania this week at $3.548 per gallon, according to AAA East Central’s Gas Price Report.

Gas prices in Warren County are $3.599.

This week’s average prices: Western Pennsylvania Average                $3.548
Average price during the week of December 13, 2021                            $3.558
Average price during the week of December 21, 2020                            $2.474

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

$3.557      Altoona
$3.556      Beaver
$3.599      Bradford
$3.402      Brookville
$3.498      Butler
$3.521      Clarion
$3.540      DuBois
$3.565      Erie
$3.506      Greensburg
$3.563      Indiana
$3.562      Jeannette
$3.532      Kittanning
$3.557      Latrobe
$3.584      Meadville
$3.599      Mercer
$3.499      New Castle
$3.549      New Kensington
$3.599      Oil City
$3.541      Pittsburgh

$3.499      Sharon
$3.582      Uniontown
$3.599      Warren
$3.538      Washington

Trend Analysis:

Gasoline demand surged last week as pre-holiday consumer confidence increased, but the national average for a gallon of gas still dipped three cents to $3.30.

A recovering economy coupled with strong employment is leading to increased demand for gasoline. This demand increase should drive pump prices higher, but the wavering price of crude oil has helped prices to continue to decrease.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.52 to settle at $70.86. Crude prices declined last week due to growing market concerns that the omicron variant of COVID-19 will lead to a decrease in demand as governments around the globe increase measures to curb transmission rates. Additionally, crude prices declined despite EIA’s new data revealing that total domestic crude stocks decreased by 4.6 million barrels to 428.3 million barrels. The current stock level is 14.4 percent lower than mid-December 2020.

According to recent data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 barrels to 218.6 million barrels last week. Meanwhile, gasoline demand increased from 8.96 million barrels per day to 9.47 million barrels per day. Typically, growing demand and tight supply would support rising pump prices; however, fluctuations in the price of crude oil have helped to put downward pressure on prices.

Today’s national average of $3.30 is 11 cents less than a month ago and $1.09 more than a year ago.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.