In these days of rising prices, every little bit of savings helps.
Analysts say gas prices in Pennsylvania have fallen 2.5 cents per gallon in the last week, while locally, motorists are seeking a savings of 4 cents a gallon.
According to AAA East Central, the average price in Bradford as of Monday was $3.74 per gallon of unleaded self-serve gasoline. In Brookville, the price was $3.587, in DuBois, $3.627, in Erie, $3.707, and in Warren, $3.708.
“With oil prices bouncing back over $70 per barrel after reaching as low as $66 in early May, we’ve seen gasoline prices move higher in some states, while others have continued to decline- the national average has seen little change as a result, but overall, gasoline prices continue to see significant relief from year ago levels,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
The average price in Pennsylvania on Monday was $3.65 per gallon, according to GasBuddy, which reported that prices were 10.1 cents per gallon lower than a month ago and stand 96.4 cents per gallon lower than a year ago. The national average price of diesel has fallen 4.0 cents in the last week and stands at $3.97 per gallon.
According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $3.15 per gallon on Monday while the most expensive was $4.39 per gallon, a difference of $1.24 per gallon.
The national average price of gasoline has risen 0.4 cents per gallon in the last week, averaging $3.51 per gallon on Monday. The national average is down 14.9 cents per gallon from a month ago and stands 95.6 cents per gallon lower than a year ago, according to GasBuddy data.
“We’re likely to soon see gasoline prices slip to their largest year on year deficit since Covid hit, when prices fell over $1 per gallon from 2019 — so the relief at the pump as been significant, and even though the gas price decline hit pause last week, it’s looking more likely that barring a major hurricane or series of refinery outages, the national average may not end up hitting the $4 per gallon mark — something that will make most motorists very happy,” De Haan said. “For those in Arizona that have seen gas prices spike during the spring, significant relief is starting and should even accelerate over the weeks ahead.”
AAA analysts said the lower cost of crude oil is limiting gas price increases. According to new data from the Energy Information Administration (EIA), gas demand grew substantially from 8.62 to 9.30 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased by 3.2 million barrels to 219.7 million barrels. Higher demand and a reduction in stocks have slowed pump price decreases.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $1.15 to settle at $72.56. Oil prices declined amid ongoing market uncertainty regarding stalled U.S. debt ceiling negotiations. Additionally, the EIA reported that total domestic commercial crude inventories increased by 3 million barrels to 462.6 million barrels last week.