Small Lift In Pennsylvania Gas Prices; Supply Outpaces Demand Nationwide

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The average price of gasoline across Western Pennsylvania is a penny higher at $2.542 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Pennsylvania Average                  $2.542
Average price during the week of October 5, 2020                                    $2.539
Average price during the week of October 14, 2019                                  $2.809

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

$2.553      Altoona
$2.589      Beaver
$2.589      Bradford
$2.547      Brookville
$2.473      Butler
$2.484      Clarion
$2.574      DuBois
$2.580      Erie
$2.538      Greensburg
$2.596      Indiana
$2.343      Jeannette
$2.574      Kittanning
$2.592      Latrobe
$2.587      Meadville
$2.586      Mercer
$2.377      New Castle
$2.584      New Kensington
$2.599      Oil City
$2.522      Pittsburgh

$2.486      Sharon
$2.607      Uniontown
$2.599      Warren
$2.483      Washington

Trend Analysis:
On the week, the national gas price average held steady at $2.18, which is a penny less than last month and 45 cents cheaper than last year.

The majority of American motorists are seeing stability at the pump this week, despite the fact that Hurricane Delta made landfall in Louisiana as a category 2 hurricane over the weekend. While gasoline refineries are reporting operations have resumed, the Bureau of Safety and Environmental Enforcement reports that approximately 91% of oil production in the Gulf of Mexico is currently offline. As of Monday morning, inspections are underway, and production is expected to resume this week.

In a typical year, a hurricane season like the one experienced this year would have caused gas prices to spike. But, 2020 is not a typical year. Low U.S. gasoline demand and large supply has helped contain any impact to local gas prices. The Energy Information Administration’s (EIA) weekly report measures current gasoline supply at 226.7 million barrels. That is a decrease of 1.7 million barrels from the week prior, though the drop is likely attributed to high export numbers.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by 59 cents to settle at $40.60. Crude prices dropped due to market concern about increasing coronavirus infections worldwide, which could lower crude demand. For this week, crude prices could decline further if demand concerns continue to worry the market.

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