Gas prices follow lower cost of crude
Following the price of oil, average gas prices across the country fell still more during the last week.
Prices in Bradford and Warren, perhaps unsurprisingly, did not follow the decreases seen nationally, statewide or regionally, according to reports from AAA East Central. Bradford’s average picked up nine-tenths of 1 cent to stand at $3.608 Monday, while Warren’s climbed three-tenths of 1 cent to $3.659.
Erie’s average shed 14.1 cents to rest at $3.29 this week, while Brookville and DuBois saw more modest decreases of 1.6 and 3.1 cents, respectively. Motorists could expect to pay $3.107 in Brookville and $3.304 in DuBois.
In Western Pennsylvania, the average price of a gallon of gasoline dipped 4.6 cents this week to $3.359. The statewide average checked in at $3.21, a decrease of 3 cents during the last week. Nationwide, gasoline is down 2 cents to $3.09, while diesel ticked up 1.7 cents to $3.693.
“The national average price of gasoline slipped slightly over the last week, falling alongside oil, which dropped more than $2 per barrel,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, a few states — including Florida, Nebraska and Indiana — bucked the trend, posting double-digit increases per gallon. These areas are prone to a phenomenon known as price cycling, where prices can spike and plunge every couple of weeks even if wholesale costs remain mostly unchanged. While I don’t expect major movement in the national average as we approach August, states impacted by price cycling will likely continue to experience more volatile price swings, while others will see relative stability.”
This week’s national average is, according to GasBuddy, 11.5 cents less than the same week in June and 37.7 cents less than the same week in 2024.
Pennsylvania’s least and most expensive stations were unchanged this week at $2.69 and $3.99, a difference of $1.30. The Keystone State’s averages as of Monday were 17.1 cents lower than last month and 42.8 cents lower than last year, according to GasBuddy.
AAA representatives noted in a press release, “Pump prices are matching the summer of 2021, the last time seasonal gas prices were this low. One of the main factors — crude oil prices under $70 per barrel — is helping to keep gas price increases to a minimum.”
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.15 million barrels per day last week to 8.48. Total domestic gasoline supply increased from 229.5 million barrels to 232.9. Gasoline production decreased last week, averaging 9.1 million barrels per day.
At the close of Wednesday’s formal trading session, West Texas Intermediate fell 14 cents to settle at $66.38 a barrel. The EIA reports crude oil inventories decreased by 3.9 million barrels from the previous week. At 422.2 million barrels, U.S. crude oil inventories are about 8% below the five-year average for this time of year.
Motorists can find current gas prices nationwide, statewide and countywide at gasprices.aaa.com.