Andy Close
Gas prices are once again up in western Pennsylvania, with an average of $3.865.
AAA East Central reported that Warren’s average gallon of gas was $3.889, while it is $3.886 in Bradford and $3.869 in Erie.
Average gasoline prices in Pennsylvania have risen 9.2 cents per gallon in the last week, averaging $3.78 per gallon on Monday, according to GasBuddy. Prices in Pennsylvania are 17.1 cents per gallon higher than a month ago and stand 25.0 cents per gallon higher than a year ago. The national average price of diesel has risen 5.4 cents in the last week and stands at $4.65 per gallon.
Trend analysis
The recent run of daily one- to four-cent price increases slowed heading into this past weekend, with prices now dipping slightly to start the week. However, increased demand and higher global oil prices pushed the national average for a gallon of gas up eight cents since last week to $3.50. Today’s national average is 33 cents more than a month ago and 14 cents more than a year ago.
According to data from the Energy Information Administration, gas demand rose slightly from 8.05 to 8.14 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 1.7 million barrels to 232 million barrels. Rising gas demand and elevated oil prices have contributed to higher pump prices.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.33 to settle at $79.68. Although a higher dollar contributed to pushing prices lower at the end of the week, oil prices rose earlier last week amid ongoing market optimism that global oil demand will be more robust than anticipated in 2023. This is partly due to China re-opening its economy after imposing strict COVID-19 lockdowns that curtailed demand.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.
