The average price of gasoline across Western Pennsylvania is nine cents higher this week at $2.605 per gallon, according to AAA East Central’s Gas Price Report.
The Western Pennsylvania Average for this week was $2.605, while the average price during the week of Jan. 4 was $2.518 and the average price during the week of Jan. 13 was $2.898
The average price of unleaded self-serve gasoline in various areas includes Bradford, $2.689; DuBois, $2.637; and Warren, $2.699.
At $2.31, the national gas price average is at its highest in 10 months. Pump prices have increased despite gas demand falling from 8.1 million b/d to 7.4 million b/d — the lowest level recorded since the end of May 2020, according to the Energy Information Administration’s (EIA) latest weekly report. Today’s average is six cents more than last week, 16 cents more than a month ago, but still cheaper than last year by 27 cents.
Rising prices can be attributed largely to tightening supply and rising crude oil prices, which are outweighing decreasing demand.
Last week, West Texas Intermediate pushed to its highest price point since before the pandemic, ending the week at $52.84 per barrel. Also, by EIA measurements, U.S. gasoline supply sits at 241 million barrels. While this is the healthiest measurement since August 2020, it’s about 10 million fewer than at the start of 2020. This year-over-year deficit, combined with lower refinery production rates and ongoing refinery maintenance, is also contributing to the rise at the pump.