If someone asks you for your 2 cents this week, you’ll have a couple to give.
After three steady weeks, the average price for a gallon of gas in Bradford finally dropped — if only by those two cents.
Bradford’s average stands at 3.877, down from last week’s average of $3.897.
AAA East Central said average prices in the region decreased another penny this week to $3.820 per gallon.
In Brookville, it was $3.684; in DuBois, $3.765; in Erie, $3.841; and in Warren, $3.899.
Overall in Pennsylvania, the average price fell 3.7 cents per gallon to rest at $3.76 Monday. This week’s average is 4.2 cents higher than a month ago and 10.4 cents more than a year ago.
GasBuddy reported the highest- and lowest-priced stations in Pennsylvania on Sunday differed by $1.35 per gallon, from $3.24 to $4.59.
On May 13 over the last decade, 2022’s prices in Pennsylvania, $4.58 per gallon, and nationally, $4.44, were the highest by a landslide. Next closest were $3.65 and $3.52, respectively, in 2023. The lowest — $2.08 and $1.86 — were recorded in 2020. In second is 2016 at $2.39 and $2.22.
According to AAA East Central, the national average price for regular gasoline fell 4 cents to $3.61. That’s up 6 cents from a month ago and 11 cents from a year ago. AAA said “tepid pre-Memorial Day domestic demand and oil costs below $80 a barrel are contributing to lower prices.
For diesel, the national average fell 4.6 cents during the last week and stood Monday at $3.90 per gallon.
“While pump prices haven’t exactly plummeted, we’ve seen the average price of gasoline drop in a majority of states over the last week as refineries finish maintenance and ramp up output of products like gasoline,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With gas prices now nearing a 10-cent drop to the high we saw a few weeks ago, the future looks good as we get closer to Memorial Day; price drops could potentially accelerate after last week’s jobs data shows the economy continues to cool off. While gas prices stand slightly above where they were last year, I expect most Americans will see prices fall before the holiday weekend, and I’m optimistic the trend could extend into June and beyond. I’m excited to say it does appear that for now, the worst is behind us.”
According to new data from the Energy Information Administration (EIA), gas demand rose modestly from 8.62 million barrels per day to 8.79 last week. Meanwhile, total domestic gasoline stocks increased by nearly 1 million barrels to 228 million barrels.
At the close of Wednesday’s formal trading session, West Texas Intermediate increased by 61 cents to settle at $78.99 a barrel. Prices rose as the EIA reported that crude oil inventories had decreased by 1.4 million barrels from the previous week. At 459.5 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.
MEANWHILE, AAA projects 43.8 million travelers will head 50 miles or more from home over the Memorial Day holiday travel period. This year’s total number of travelers is a 4% increase over last year and comes close to matching 2005’s record of 44 million Memorial Day travelers.
“We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years,” said Paula Twidale, senior vice president of AAA Travel. “We’re projecting an additional one million travelers this holiday weekend compared to 2019, which not only means we’re exceeding pre-pandemic levels but also signals a very busy summer travel season ahead.”
Road trips are expected to set a record as AAA projects 38.4 million people will travel by car over Memorial Day weekend, the highest number for that holiday since AAA began tracking in 2000. The number of drivers this year is up 4% compared to last year and 1.9% higher than in 2019.
AAA indicated that traveling by car is appealing for many people because of the convenience and flexibility it provides.
Airports are also bracing for a spike in travelers — AAA expects 3.51 million air travelers this holiday weekend, an increase of 4.8% over last year and 9% jump compared to 2019.
AAA indicates this will be the most crowded Memorial Day weekend at airports since 2005, when 3.64 million flew for the holiday as the travel industry finally rebounded post 9/11.
Nearly two million people are also expected to travel by other modes of transportation, including buses, cruises and trains. AAA projects 1.9 million people will take these other modes of transportation, an increase of 5.6% compared to last year.
