AAA: Crude supply outpacing demand
Adjusted for inflation, Memorial Day weekend pump prices were among the cheapest in nearly 10 years, according to GasBuddy.
AAA East Central reported this week that crude oil supply currently exceeds demand, keeping prices in check.
This week’s national average is unchanged at $3.13 per gallon — 3.1 cents more than last month but still 43 cents less than last year. Diesel shed a few cents to rest at $3.476 Monday. EV drivers were paying the same 36 cents per kilowatt hour that they’ve seen since early May.
“While the national average didn’t fall quite as far as anticipated for Memorial Day, it was still one of the most affordable since 2021— and, when adjusted for inflation, among the cheapest in nearly a decade,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “As we move into the heart of summer, I believe we’re likely to see a relatively stable stretch for gas prices as refinery maintenance wraps up. Don’t expect the national average to rise above $3.30 per gallon, nor drop much below $3 for now. While refining issues on the West Coast are beginning to ease, several factors could still influence prices in the weeks ahead — including growing uncertainty around the upcoming hurricane season.”
Prices are also unchanged across the commonwealth, checking in at $3.28 still Monday. This average is 5.4 cents per gallon lower than a month ago and remains 47.8 cents lower than a year ago.
While average gas prices in Bradford and Warren ticked up 1.6 cents and two-tenths of 1 cent, respectively, prices dropped an average of 6.3 cents in Brookville, DuBois and Erie this week.
Bradford’s price rested at $3.610 Monday, while Warren clocked in at $3.699. Elsewhere, the average price dropped 10.7 cents in Brookville, 4.5 cents in DuBois and 3.7 cents in Erie, to $3.313, $3.306 and $3.314, respectively, according to AAA East Central.
Western Pennsylvania’s average dipped 4.4 cents to $3.451. The cheapest station was selling gasoline for $2.79 and the priciest for $4.39 this week, a difference of $1.60 per gallon.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.79 million barrels per day last week to 8.64. Total domestic gasoline supply increased from 224.7 million barrels to 225.5. Gasoline production increased last week, averaging 9.6 million barrels per day.
At the close of Wednesday’s formal trading session, West Texas Intermediate fell 46 cents to settle at $61.57 a barrel. The EIA reports that crude oil inventories increased by 1.3 million barrels from the previous week. At 443.2 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
Motorists can find current gas prices nationwide, statewide and countywide at gasprices.aaa.com.