AAA: Gas Prices Dip in Pennsylvania

Gas prices are two cents lower in Western Pennsylvania this week at $3.778 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Pennsylvania Average                          $3.778
Average price during the week of May 1, 2023                                                  $3.790
Average price during the week of May 9, 2022                                                  $4.394

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

$3.755      Altoona
$3.822      Beaver
$3.793      Bradford
$3.600      Brookville
$3.865      Butler
$3.729      Clarion
$3.674      DuBois
$3.759      Erie
$3.787      Greensburg
$3.853      Indiana
$3.748      Jeannette
$3.882      Kittanning
$3.885      Latrobe
$3.784      Meadville
$3.823      Mercer
$3.646      New Castle
$3.857      New Kensington
$3.759      Oil City
$3.795      Pittsburgh
$3.721      Sharon
$3.762      Uniontown
$3.799      Warren
$3.802      Washington

Trend Analysis: 

The price for oil has dropped nearly $20 per barrel recently to the upper $60s, which has resulted in gas prices trending lower. The national average for a gallon of regular gasoline has fallen eight cents since last week to hit $3.53. Today’s national average is six cents less than a month ago and 78 cents lower than a year ago.

At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $3.06 to settle at $68.60. Oil prices decreased amid ongoing market concerns that rising interest rates will tip the economy into a recession. Additionally, the Energy Information Administration (EIA) reported that total domestic commercial crude inventories decreased by 1.3 million barrels to 459.6 million barrels last week.

According to new data from the EIA, gas demand decreased significantly from 9.51 to 8.62 million barrels per day last week. The drop in demand is more in line with what market observers expected last week. Meanwhile, total domestic gasoline stocks increased by 1.8 million barrels to 222.9 million barrels. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower.

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

AAA East Central is a not-for-profit association with 69 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.