Gas prices are at least a little bit lower this week seemingly everywhere – except Bradford.
AAA East Central reported the local average for a gallon of gas was back up Monday to $3.808, an increase of two cents from last week.
Nationally, prices shed another 6.2 cents to stand at $3.30 per gallon Monday. The statewide average dropped 3.8 cents, resting at $3.51. In Western Pennsylvania, prices are three cents lower at $3.70.
In the commonwealth and nationwide, this week’s averages are 36 and 49.2 cents, respectively, lower than last year.
The cheapest station in Pennsylvania was listed at $2.99 Monday, while the priciest clocked in at $4.39, a difference of $1.40 per gallon. It was $3.550 in Brookville, $3.728 in DuBois, $3.692 in Erie and $3.799 in Warren.
“It seems fitting that, in the run-up to Labor Day, the national average has fallen for four straight weeks to its lowest point since February, giving Americans one last chance to hit the road with gas prices being less of a factor,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “GasBuddy is now tracking eight states where average gas prices are already below the $3 per gallon mark, along with nearly 20% of gas stations in the country selling gasoline at $2.99 or lower. These numbers will continue to look better every week as we move into fall.”
While AAA has forecast an 11% increase in Labor Day international travel from 2023, the great American road trip still reigns supreme and motorists can expect to pay less fueling up this year. Last year’s national average over the Labor Day weekend was 51 cents per gallon more at $3.81. Diesel declined 3.2 cents this week to a multiyear low of $3.67 per gallon.
AAA representatives said in a press release, “In recent weeks, gas prices have remained steady, hovering around $3.40. Despite the popularity of summer road trips, overall gas demand is down as daily driving habits have changed post-pandemic, preventing pump prices from spiking.”
According to new data from the Energy Information Administration (EIA), gas demand increased last week from 9.04 million barrels per day to 9.19. Meanwhile, total domestic gasoline stocks fell from 222.2 to 220.6 million barrels, but gasoline production increased, averaging 9.8 million barrels daily.
At the close of Wednesday’s formal trading session, West Texas Intermediate fell by $1.24 to settle at $71.93 a barrel. The EIA reports that crude oil inventories decreased by 4.6 million barrels from the previous week. At 426.0 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
