Gas prices are seven cents lower in Western Pennsylvania this week at $3.456 per gallon, according to AAA East Central’s Gas Price Report. 

This week’s average prices: Western Pennsylvania Average                          $3.456
Average price during the week of December 11, 2023                                      $3.528
Average price during the week of December 19, 2022                                      $3.795

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

$3.286      Altoona
$3.539      Beaver
$3.644      Bradford
$3.407      Brookville
$3.459      Butler
$3.471      Clarion
$3.431      DuBois
$3.388      Erie
$3.511      Greensburg
$3.458      Indiana
$3.485      Jeannette
$3.656      Kittanning
$3.468      Latrobe
$3.339      Meadville
$3.451      Mercer
$3.219      New Castle
$3.466      New Kensington
$3.423      Oil City
$3.496      Pittsburgh
$3.366      Sharon
$3.473      Uniontown
$3.602      Warren
$3.461      Washington

Trend Analysis: 

AAA is forecasting 104 million Americans will drive to their holiday destinations and many of them will find the gift of lower gas prices. The national average for a gallon of gas is lower now than at any time in all of 2022. Today’s national average of $3.06 is three cents lower than 2022’s low of $3.09 and nine cents lower than a week ago. The main reasons are moderate demand and a low cost for oil, which is hovering around $70 per barrel.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.47 to 8.86 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased slightly to 224 million barrels.

At the close of Wednesday’s formal trading session, West Texas Intermediate increased by 86 cents to settle at $69.47. Oil prices increased after the US Federal Reserve announced that it plans to hold interest rates steady through the end of the year and potentially reduce them up to three times in 2024. The market had been concerned that the economy could tip into a recession if interest rates kept increasing. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 4.3 million barrels to 440.7 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.