PITTSBURGH — Gas prices are one cent lower in Western Pennsylvania this week at $3.548 per gallon, according to AAA East Central’s Gas Price Report.
The average price of unleaded self-serve gasoline in Bradford is $3.599; in Brookville, $3.402; in DuBois, $3.540; in Erie, $3.565; and in Warren, $3.599.
Gasoline demand surged last week as pre-holiday consumer confidence increased, but the national average for a gallon of gas still dipped three cents to $3.30.
A recovering economy coupled with strong employment is leading to increased demand for gasoline. This demand increase should drive pump prices higher, but the wavering price of crude oil has helped prices to continue to decrease.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.52 to settle at $70.86. Crude prices declined last week due to growing market concerns that the omicron variant of COVID-19 will lead to a decrease in demand as governments around the globe increase measures to curb transmission rates. Additionally, crude prices declined despite EIA’s new data revealing that total domestic crude stocks decreased by 4.6 million barrels to 428.3 million barrels. The current stock level is 14.4 percent lower than mid-December 2020.
