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    Home Newsletter Gas prices still not going anywhere
    Gas prices still not going anywhere
    Content, Daily Headlines, Local News, News, Newsletter
    September 3, 2024

    Gas prices still not going anywhere

    While average gas prices have shed 8 cents in Western Pennsylvania and are lower nationally for the fifth straight week, Bradford’s prices appear to be on a — rather lengthy — staycation.

    Local costs remain largely unchanged, down to $3.802 Monday from last week’s $3.808, according to AAA East Central. It was $3.443 in Brookville, $3.628 in DuBois, $3.599 in Erie and, also largely unchanged, $3.795 in Warren.

    The regional average dipped from $3.70 to $3.62 this week while, statewide, a gallon of gas was running at $3.46 Monday, a decrease of 4.1 cents from last week. The $1.40 difference between the highest- and lowest-priced stations in the state was steady at $2.99 and $4.39.

    The Keystone State’s prices are 10.2 cents per gallon lower than a month ago and 38.3 cents lower than a year ago.

    Nationwide averages are down even more from 2023 levels, resting 48.9 cents per gallon lower Monday at $3.28. That’s a decrease of 4.6 cents from last week and 17.9 cents from last month.

    Additionally, diesel took its national multiyear low even further, declining 2 cents to $3.65 per gallon.

    “Motorists rejoice! The national average price of gasoline prices has continued to slump for the fifth straight week. With the summer driving season now over, we have much to look forward to for the fall: more drops at the pump as demand drops seasonally, and the changeover to cheaper winter gasoline is just two weeks away,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “As long as we don’t see a major hurricane head into the Gulf and the situation improves in the Middle East, the national average could fall below $3 in the next two months — GasBuddy is already tracking eight states at that level or lower. While diesel prices fell slightly last week, they may rise with winter growing closer and the economy’s likely rebound ahead of the Fed’s expected rate cut. So, while it’s great news for gas prices, diesel will likely soon see its seasonal rise kick in.”

    During the same week over the last 10 years, the lowest prices in the state and nation were recorded in 2016 at $2.33 and $2.20, respectively. Prices from 2022 retain their hold on the highest of the last decade, at $3.99 and $3.77.

    According to new data from the Energy Information Administration (EIA), gas demand rose last week from 9.19 million barrels per day to 9.30. Meanwhile, total domestic gasoline stocks fell from 220.2 to 218.4 million barrels, and gasoline production decreased last week, averaging 9.6 million daily.

    At the close of Wednesday’s formal trading session, West Texas Intermediate fell by $1.01 to settle at $74.52 a barrel. The EIA reports that crude oil inventories decreased by 0.8 million barrels from the previous week. At 425.2 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

    Motorists can find current gas prices from across the county, state and nation anytime at gasprices.aaa.com.

    Tags:

    barrel (unit) economic paleontology economies economy energy energy economics energy industry fossil fuels fuels gasoline and diesel usage and pricing hydrocarbons oil phase-out oils petroleum petroleum economics petroleum industry resource extraction west texas intermediate
    Sara Furlong s.furlong@bradfordera.com

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