Andy Close
Gas prices are 24 cents higher in Western Pennsylvania this week at $4.378 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Pennsylvania Average $4.378
Average price during the week of March 7, 2022 $4.132
Average price during the week of March 15, 2021 $3.065
The average price of unleaded self-serve gasoline in various areas:
$4.455 Altoona
$4.415 Beaver
$4.417 Bradford
$4.399 Brookville
$4.333 Butler
$4.405 Clarion
$4.395 DuBois
$4.370 Erie
$4.336 Greensburg
$4.399 Indiana
$4.325 Jeannette
$4.345 Kittanning
$4.340 Latrobe
$4.395 Meadville
$4.422 Mercer
$4.381 New Castle
$4.328 New Kensington
$4.399 Oil City
$4.332 Pittsburgh
$4.399 Sharon
$4.309 Uniontown
$4.459 Warren
$4.341 Washington
Trend Analysis:
After cresting above $123 per barrel shortly after Russia’s invasion of Ukraine, the price of crude oil has gradually fallen below $110. If this trend holds, it may remove some of the extreme upward price pressure consumers have found at the pump. The national average price of a gallon of gas hit $4.33 on Friday, March 11, before falling a penny and holding throughout the weekend and Monday at $4.32. Today’s national average is 26 cents more than a week ago, 84 cents more than a month ago, and $1.47 more than a year ago.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.4 million barrels to 244.6 million barrels last week. Meanwhile, gasoline demand rose slightly from 8.74 million barrels per day to 8.96 million barrels per day. The increase in gas demand and total supply reductions are contributing to rising pump prices. However, increasing oil prices play the lead role in pushing gas prices higher as the cost of crude oil accounts for about 50% of what drivers pay at the pump. Consumers can expect the current trend at the pump to continue if crude prices continue to climb.
At the close of Friday’s formal trading session, West Texas Intermediate increased by $3.31 to settle at $109.33. Crude prices have eased as the market continues to find replacement barrels of oil and further supply growth for the tight market becomes apparent. However, the market remains volatile and additional disruptions or escalation of the current crisis in Ukraine could cause prices to surge again this week. Additionally, EIA reported that total domestic crude stocks decreased by 1.8 million barrels last week to 411.6 million barrels. The current stock level is approximately 17% lower than at the end of February 2021, which continues to put pressure on domestic crude prices.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
