Abundant supply keeping gas prices in check
Abundant oil supply, coupled with the OPEC+ announcement that it would increase production next month, has kept crude — and, by extension, gasoline — prices steady.
September’s increase will follow several others already seen this year, and the national average responded with a slight decrease this week.
Motorists across the country could expect to pay $3.08 as of Monday, a decrease of about 3 cents from a week ago. According to GasBuddy, that’s 7 cents less than last month and still 32.3 cents less than last year. EV drivers were facing the same 36 cents per kilowatt hour they’ve seen since earlier this summer, while diesel ticked up 1.8 cents to stand at $3.69 this week.
Statewide, also per GasBuddy, prices this week are down 1 cent to $3.23 per gallon. The least expensive station in the Keystone State checked in at $2.69, nearly 2 dollars less than the state’s priciest, which clocked in at $4.59. Costs in the commonwealth are down 2.5 cents from this week in July, and 35.6 cents less than the same period in 2024.
In Western Pennsylvania, the average price for a gallon of gas decreased, if only by one half of 1 cent, to $3.369 Monday.
Drivers in Brookville are paying less than all three, according to AAA East Central, which reported the average there was $3.061 Monday, a decrease of 1.6 cents. In DuBois, the average is down 9.1 cents to $3.225, and Erie’s average is down one-tenth of 1 cent to $3.355.
Perhaps unsurprisingly, Bradford’s average decreased only four-tenths of 1 cent, to $3.593. In Warren prices dipped 2.3 cents to $3.596 — both places still more than 20 cents per gallon higher than either the regional, state or national averages.
“After rising for two straight weeks, the national average price of gasoline saw a slight decline in the last week as oil prices fell below $64 per barrel, paving the way for prices to ease in most states,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “As we approach the peak of hurricane season, forecasts are showing favorable conditions for tropical development, so we’ll be watching closely for any potential impact on supply and prices as Labor Day nears.”
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.15 million barrels per day last week to 9.04. Total domestic gasoline supply decreased from 228.4 million barrels to 227.1. Gasoline production decreased last week, averaging 9.8 million barrels per day.
At the close of Wednesday’s formal trading session, West Texas Intermediate fell 81 cents to settle at $64.35 a barrel. The EIA reports crude oil inventories decreased by 3 million barrels from the previous week. At 423.7 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.