The cost of oil is rising around the world, and demand for gasoline is continuing to inch higher — which means there’s no relief in sight at the pumps for motorists.
Average gasoline prices in Pennsylvania have risen 7.5 cents per gallon in the last week, averaging $3.75 per gallon on Monday, according to GasBuddy’s survey of 5,269 stations in Pennsylvania.
In Western Pennsylvania, gas prices are 7 cents higher at $3.822 per gallon, according to AAA East Central. As of Monday, Bradford’s average was $3.791, DuBois was $3.720, Erie was $3.781 and Warren was $3.799.
Prices in Pennsylvania are 16 cents per gallon higher than a month ago and stand 39.2 cents per gallon lower than a year ago. The national average price of diesel has fallen 0.3 cents in the last week and stands at $4.15 per gallon.
According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $3.29 per gallon on Sunday while the most expensive was $4.45 per gallon, a difference of $1.16 per gallon.
The national average price of gasoline has risen 7.6 cents per gallon in the last week, averaging $3.65 per gallon on Monday. The national average is up 22.1 cents per gallon from a month ago and stands 41.2 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
“With oil prices touching their highest level of 2023 at nearly $83 per barrel, the national average price of gasoline has continued to inch higher, with 45 of the nation’s 50 states seeing prices rise over the last week,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“While the rising price of oil is likely the largest factor in rising gas prices, seasonal impacts continue to also exert pressure on prices. With the Northeast making the final step in the transition to summer gasoline this week, states in that region should expect a sharp rise in gasoline prices over the next week or two.”
He continued, “Every other region has already seen the final step in the transition occur, so while other areas will see prices continue to slowly rise, the Northeast is likely to see a pretty hefty jump of 15-40 cents per gallon soon. Oil prices remain a wildcard, but we’re likely a few weeks away from seeing the national average peak. Whether it hits $4 per gallon or not is still perhaps a 50/50 chance.”
According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.3 to 8.94 million barrels per day last week. Meanwhile, total domestic gasoline stocks dropped slightly by 400,000 barrels to 222.2 million barrels. Lower demand would typically push pump prices down; instead, elevated oil prices have pushed them higher.
At the close of Wednesday’s formal trading session, West Texas Intermediate increased by $1.73 to settle at $83.26. Oil prices increased after the U.S. Labor Department said the U.S. Consumer Price Index rose 0.1% in March, a lower rise than the market expected. Additionally, the EIA reported that total domestic commercial crude inventories increased by 500,000 barrels to 470.5 million barrels last week.
