Warren Gas Prices Remain Among Highest in Region

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Gas prices are six cents cheaper in Western Pennsylvania this week at $3.932 per gallon, according to AAA East Central’s Gas Price Report, but remain above that in Warren County.

This week’s average prices: Western Pennsylvania Average: $3.932
Average price during the week of November 28, 2022: $3.996
Average price during the week of December 6, 2021: $3.564

Gas prices in Warren, however, remain among the highest in the region at $4.013, along with Meadville at $4.033, Oil City at $4.002 and Bradford at $4.035.

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

$3.997 Altoona
$3.958 Beaver
$4.035 Bradford
$3.632 Brookville
$3.915 Butler
$3.942 Clarion
$3.853 DuBois
$3.979 Erie
$3.962 Greensburg
$3.956 Indiana
$3.895 Jeannette
$3.909 Kittanning
$3.975 Latrobe
$4.003 Meadville
$4.049 Mercer
$3.834 New Castle
$3.945 New Kensington
$4.002 Oil City
$3.919 Pittsburgh
$3.929 Sharon
$3.911 Uniontown
$4.013 Warren
$3.830 Washington

Trend Analysis:

Today’s nationwide average for a gallon of regular gasoline is $3.38 This is 16 cents lower than last week, 41 cents lower than one month ago, and three cents more than a year ago. This week’s plunge in gas prices nationwide may be partly a result of Sunday’s meeting of OPEC+, a group of 23 oil-producing nations, including Saudi Arabia and Russia. OPEC+ decided to maintain output cuts of 2 million barrels per day, about 2% of world demand. The purpose of the move is to boost the global price of oil, which has fallen recently on fears of demand weakness, specifically in China.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.24 to settle at $79.98. A weaker dollar contributed to decreasing prices. Earlier in the week, crude prices were boosted by the Energy Information Administration (EIA) reporting that total domestic commercial crude stocks fell dramatically by 12.6 million barrels. The domestic commercial crude supply is 14 million barrels lower than at the end of November 2021.

According to data from EIA, gas demand held steady at 3.2 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by nearly 2.8 million barrels to 213.8 million barrels. Increasing supply and steady gasoline demand have contributed to pushing pump prices lower.