Gas Prices Take Another Slight Drop in Region

January 9, 2024

Gas prices are three cents lower in Western Pennsylvania this week at $3.386 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Pennsylvania Average: $3.386
Average price during the week of January 2, 2024: $3.414
Average price during the week of January 9, 2023: $3.743

Warren County drivers are paying an average of $3.599 a gallon for regular unleaded gasoline.  Forest County drivers are paying an average of $3.421 a gallon.

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

$3.189 Altoona
$3.448 Beaver
$3.614 Bradford
$3.228 Brookville
$3.426 Butler
$3.362 Clarion
$3.232 DuBois
$3.280 Erie
$3.459 Greensburg
$3.456 Indiana
$3.431 Jeannette
$3.654 Kittanning
$3.449 Latrobe
$3.286 Meadville
$3.424 Mercer
$3.073 New Castle
$3.448 New Kensington
$3.388 Oil City
$3.432 Pittsburgh
$3.222 Sharon
$3.413 Uniontown
$3.599 Warren
$3.367 Washington

Trend Analysis:

The national average for a gallon of gas dipped by four cents since last week to $3.07. Lower demand is one factor as fewer people are fueling up after the peak of holiday road travel. Today’s national average is 11 cents less than a month ago and 21 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand nosedived from 9.17 to 7.95 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased substantially by 10.9 million barrels to 237 million barrels. Weak gas demand, alongside increased supply, has pushed pump prices lower. However, rising oil prices have limited price decreases.

At the close of Wednesday’s formal trading session, West Texas Intermediate increased by $2.32 to settle at $72.70. Oil prices have increased amid heightened tensions in the Middle East. Shipping disruptions in the Red Sea and the potential for tighter sanctions on Iran have led to market concerns that the oil supply could tighten, and transportation costs could rise. Additionally, the EIA reported that total domestic commercial crude inventories declined by 5.5 million barrels to 431.1 million barrels last week.

Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.

         

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