While the average cost for a gallon of gas fell – at least a tiny bit – throughout Western Pennsylvania, local prices held stubbornly steady.
AAA East Central said average prices in the region decreased another cent this week to $3.835 per gallon.
Bradford’s average was essentially unchanged for the third consecutive week, down to $3.897 from $3.898. In Brookville, it was $3.722; in DuBois, $3.800; in Erie, $3.853; and in Warren, $3.898.
Overall in Pennsylvania, the average price was unchanged at $3.79 per gallon Monday. The price this week reflects an increase of 11.9 cents higher than a month ago and 11.2 cents more than a year ago.
On May 6 during the last 10-year period, 2022 yet again recorded the highest price per gallon at $4.48 in Pennsylvania and $4.29 nationally. Gas was still less than $2 per gallon in 2020, running $1.98 per gallon in the commonwealth and $1.80 nationally.
GasBuddy reported the cheapest station in Pennsylvania was priced at $3.29 per gallon Sunday while the most expensive was $4.59 per gallon, a difference of $1.30.
The national average price for regular gasoline, according to AAA East Central, has also remained steady at $3.65. Lackluster domestic demand and lower oil prices have helped stabilize prices at the pump. Monday’s average is 6 cents more than a month ago and 11 cents more than last year.
For diesel, the national average fell 3.4 cents during the last week to remain below the $4 mark, at $3.94 per gallon.
“Oil prices have cooled and our spring peak appears to be more confidently behind us,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While refinery utilization rates last week indicated that there is still some refinery maintenance work to be done, oil prices have helped put downward pressure on gasoline prices, with oil falling below $80 per barrel last week. In addition, a weaker than expected jobs report is adding to some concerns that gasoline demand could remain weak through the summer driving season, which is just a few weeks from beginning. With the seasonal factors behind us, looking ahead, we expect gasoline prices to continue cooling alongside diesel prices as we look forward to Memorial Day weekend.”
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.42 million barrels per day to 8.62 last week. Meanwhile, total domestic gasoline stocks increased by .4 million barrels to 227.1 million barrels. Tepid demand, increasing supply, and falling oil prices could lower pump prices.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $2.93 to settle at $79 per barrel. Prices dipped as the EIA reported crude oil inventories increased by 7.3 million barrels from the previous week. At 460.9 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.
