Analysts said Monday that gasoline prices are falling, but in this region, there hasn’t been much of a break at the pump.
AAA East Central said the average price per gallon of gasoline in Bradford was $3.888 on Monday, $3.790 in Brookville, $3.774 in DuBois, $3.837 in Erie and $3.899 in Warren.
According to GasBuddy’s survey of 5,269 stations in Pennsylvania, average prices in Pennsylvania have fallen 4.1 cents per gallon in the past week to an average of $3.71 per gallon on Monday.
Prices in Pennsylvania are 8.6 cents per gallon higher than a month ago and stand 3.7 cents per gallon higher than a year ago. The national average price of diesel has fallen 7.3 cents in the last week and stands at $4.53 per gallon, the lowest level since March 5, 2022, GasBuddy reported. The cheapest station in Pennsylvania was priced at $3.15 per gallon on Sunday while the most expensive was $4.17 per gallon, a difference of $1.02 per gallon.
“For a second straight week, the national average price of gasoline has declined, alongside the price of diesel which has fallen to its lowest level in nearly a year,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“While diesel prices likely have a long way to fall as inventories continue to improve, gasoline prices in some areas have gone up in the last weeks as the transition to summer gasoline is just around the corner. In addition, GasBuddy data shows that gasoline demand has risen for the third straight week, a trend that will likely continue as we gradually see temperatures warm and the heart of winter moves to the rear view. Also, refinery maintenance season will soon be in full force, likely putting upward pressure on prices. On average, gasoline prices rise between 35 and 85 cents per gallon between March and Memorial Day, so motorists seeing prices fall should enjoy the declines while they last.”
GasBuddy data showed the national average price of gasoline had fallen 7.2 cents per gallon in the last week to an average of $3.37 per gallon on Monday. The national average is up 10.9 cents per gallon from a month ago and stands 10.2 cents per gallon lower than a year ago, according to GasBuddy data.
According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.49 million to 8.43 million b/d last week. The current gas demand rate is approximately 700,000 b/d lower than the rate during the first week of February 2022, helping to explain why gas prices are declining. Meanwhile, total domestic gasoline stocks increased significantly by 5 million barrels to 239.6 million barrels last week.
At the close of Wednesday’s formal trading session, West Texas Intermediate increased by $1.33 to settle at $78.47. Crude prices rose last week due to persistent market optimism that global oil demand will be stronger than expected.
