Gas prices remain mostly steady, down a penny cheaper in Western Pennsylvania this week at $3.861 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Pennsylvania Average: $3.861
Average price during the week of August 21, 2023: $3.875
Average price during the week of August 29, 2022: $4.189
Warren County drivers are paying an average of $3.998, among the highest in the region, for a gallon for regular unleaded gasoline.
The average price of unleaded self-serve gasoline in various areas:
$3.676 New Castle
$3.877 New Kensington
$3.993 Oil City
The national average for a gallon of gas dropped four cents since last week, despite growing gas demand. However, the price of oil has declined and is staying around $80 per barrel, contributing to lower pump prices. As Labor Day approaches, gas demand and volatile oil prices, particularly during an active hurricane season, could impact prices. Today’s national average is eight cents more than a month ago but four cents lower than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.85 to 8.91 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased slightly from 216.2 to 217.6 million barrels. Although demand increased, growing stock levels contributed to pushing prices lower.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by 75 cents to settle at $78.89. Oil prices have declined amid market concerns that an economic slowdown in China, the world’s largest importer of crude oil, could push global oil demand down. The price of oil has declined despite the EIA reporting that total domestic commercial crude inventories decreased from 439.7 to 433.5 million barrels last week.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.