AAA: Despite Higher Demand. Gas Prices Dip in Pennsylvania

Gas prices are two cents cheaper in Western Pennsylvania this week at $3.633 per gallon, according to AAA East Central’s Gas Price Report. 

This week’s average prices: Western Pennsylvania Average                         $3.633
Average price during the week of March 4, 2024                                              $3.655
Average price during the week of March 13, 2023                                            $3.758

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

$3.585      Altoona
$3.662      Beaver
$3.620      Bradford
$3.602      Brookville
$3.600      Butler
$3.543      Clarion
$3.667      DuBois
$3.621      Erie
$3.640      Greensburg
$3.681      Indiana
$3.663      Jeannette
$3.570      Kittanning
$3.670      Latrobe
$3.655      Meadville
$3.697      Mercer
$3.505      New Castle
$3.549      New Kensington
$3.696      Oil City
$3.629      Pittsburgh
$3.679      Sharon
$3.676      Uniontown
$3.698      Warren
$3.644      Washington

Trend Analysis: 

Pump prices continue to trend upward, rising four cents since last week to $3.39. More expensive oil is resulting in higher gas prices as crude accounts for nearly 60% of the cost of a gallon of gas. The price of a barrel of oil is edging closer to $80, about $10 more per barrel than a few months ago. As spring approaches with longer days and better weather, gasoline demand typically rises which also causes gas prices to increase. Today’s national average of $3.39 is 21 cents higher than a month ago but eight cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.47 to 9.01 million barrels per day last week. Meanwhile, total domestic gasoline stocks tightened by 4.5 million barrels to 239.7 million barrels. Growing gas demand, amid tighter supply, has pushed pump prices higher.

At the close of Wednesday’s formal trading session, West Texas Intermediate increased by 98 cents to settle at $79.13. Oil prices rose amid increased market optimism after U.S. Federal Reserve Chair Jerome Powell noted that interest rates are still expected to be cut later this year. Moreover, the EIA reported that total domestic commercial crude stocks increased by 1.3 million barrels to 448.5 million barrels last week. Last week, the Organization of Petroleum Exporting Countries and its allies, including Russia, collectively known as OPEC+, extended their agreement to reduce production by 2.2 million barrels per day into the second quarter of 2024.

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

AAA East Central is a not-for-profit association with 70 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.