AAA: Gas Prices Still Falling in PA

Gas prices are two cents lower in Western Pennsylvania this week at $3.901 per gallon, according to AAA East Central’s Gas Price Report. 

This week’s average prices: Western Pennsylvania Average                          $3.901
Average price during the week of October 2, 2023                                            $3.927
Average price during the week of October 10, 2022                                          $3.968

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

$3.898      Altoona
$3.934      Beaver
$3.762      Bradford
$3.813      Brookville
$3.910      Butler
$3.914      Clarion
$3.887      DuBois
$3.936      Erie
$3.871      Greensburg
$3.898      Indiana
$3.955      Jeannette
$3.935      Kittanning
$3.938      Latrobe
$3.772      Meadville
$3.999      Mercer
$3.826      New Castle
$3.930      New Kensington
$3.999      Oil City
$3.896      Pittsburgh
$3.885      Sharon
$3.901      Uniontown
$3.998      Warren
$3.876      Washington

Trend Analysis: 

The decline in pump prices accelerated a bit since last week, with the national average falling 11 cents to $3.70. The primary reasons are slack demand and the lower cost of oil, which is hovering near $85 per barrel. Today’s national average is 12 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 dropped significantly from 8.62 to 8.01 million barrels per day last week. On the other hand, total domestic gasoline stocks increased substantially by 6.5 million barrels to 227 million barrels. Growing supply, amid low demand, has pushed pump prices down.

At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $5.01 to settle at $84.22. Oil prices fell sharply due to rising market concern that if interest rates continue to increase, the economy could tip into a recession. If a recession occurs, crude demand and prices would likely drop. Additionally, the EIA reported that total commercial crude stocks decreased by 2.2 million barrels to 414.1 million barrels last week.

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.