As refineries gear up for summer gasoline, the pinch at the pumps will only get worse, said an analyst Monday.
Average gasoline prices in Pennsylvania have risen 1.7 cents per gallon in the last week, averaging $3.53 per gallon Monday, according to GasBuddy’s survey of 5,269 stations in Pennsylvania. Prices in Pennsylvania are 15.9 cents per gallon higher than a month ago and stand 6.5 cents per gallon lower than a year ago. The national average price of diesel has fallen 2.7 cents in the last week and stands at $4.03 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, said, “A majority of the nation’s 50 states have seen gasoline prices rise, with the national average posting a gain for the second straight week, a trend that is hardly surprising for this time of year, and will likely continue as the entire nation has now made the first step toward summer gasoline.”
The average price of unleaded self-serve gasoline in Bradford is $3.633; in Brookville, $3.669; in DuBois, $3.684; in Erie, $3.638; and in Warren, $3.693, according to AAA East Central. In Western Pennsylvania, it’s $3.655.
De Haan continued, “The pinch at the pump has been manageable for now, with prices about 30 cents higher than mid-January, but that will likely change as we enter the madness we tend to see in March with refinery maintenance hitting its peak, impacting how much gasoline can be produced as we make the changeover to the summer blends. This always crimps supply, leading to further gas price increases.”
The national average for a gallon of gas is $3.35, 9 cents higher than it was one week ago, according to AAA East Central. Historically, March and April bring higher gas prices as travelers start heading out of town for spring break and demand increases. Today’s national average is 24 cents more than a month ago but four cents less than a year ago.
According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $2.43 per gallon Sunday while the most expensive was $4.75 per gallon, a difference of $2.32 per gallon. The national average price of gasoline has risen 10 cents per gallon in the last week, averaging $3.34 per gallon Monday. The national average is up 22 cents per gallon from a month ago and stands 3.2 cents per gallon lower than a year ago, according to GasBuddy data.
New data from the Energy Information Administration (EIA) shows that gas demand increased from 8.2 to 8.47 million barrels per day last week. Meanwhile, total domestic gasoline stocks declined by 2.8 million barrels to 244.2 million barrels. Growing demand amid tighter supply has contributed to the increase in pump prices.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by 33 cents to settle at $78.54. Oil prices fell after the EIA’s weekly report showed that total domestic commercial crude stocks increased by 4.2 million barrels to 447.2 million barrels last week. The supply increase could signal that crude demand is loosening, contributing to a reduction in oil prices.
