Gas Prices Slightly Lower In Pennsylvania As Demand Drops

0
21

The average price of gasoline across Western Pennsylvania is a penny lower this week at $2.533 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Pennsylvania Average                  $2.533
Average price during the week of October 12, 2020                                  $2.542
Average price during the week of October 21, 2019                                  $2.816

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

$2.552      Altoona
$2.585      Beaver
$2.586      Bradford
$2.536      Brookville
$2.458      Butler
$2.483      Clarion
$2.564      DuBois
$2.581      Erie
$2.485      Greensburg
$2.599      Indiana
$2.351      Jeannette
$2.578      Kittanning
$2.589      Latrobe
$2.589      Meadville
$2.575      Mercer
$2.355      New Castle
$2.584      New Kensington
$2.599      Oil City
$2.512      Pittsburgh

$2.459      Sharon
$2.598      Uniontown
$2.599      Warren
$2.438      Washington

Trend Analysis:
Gasoline demand, according to the Energy Information Administration (EIA), lowered for the week ending Oct. 9, decreasing from 8.90 million b/d to 8.58 million b/d. Even though total gasoline stocks and imports have also fallen, the lower demand contributed to pump price decreases for most of the country.

Today’s national average is $2.16, which is two cents less than a week and month ago and 49 cents cheaper than last year. On the week, a few Mid-West states saw much larger decreases: Indiana (-6 cents), Michigan (-6 cents), Ohio (-5 cents) and Kentucky (-5 cents), which could be attributed to an increase in regional stock. A penny gas price increase was seen in these states since last Monday: Utah ($2.40), New Jersey ($2.24), Alaska ($2.50), Georgia ($2.00), South Dakota ($2.10) and Hawaii ($3.24).

At the close of Friday’s formal trading session, West Texas Intermediate decreased by eight cents to settle at $40.88. Domestic crude prices decreased at the end of last week due to market concern regarding an increase in coronavirus infections worldwide. Prices lowered despite EIA’s new weekly report showing that total domestic crude inventories declined by 3.8 million barrels to 489.1 million. For this week, ongoing demand concerns could cause prices to decrease further.

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