PITTSBURGH — Gas prices in Western Pennsylvania are one cent lower this week at $3.248 per gallon, according to AAA East Central’s Gas Price Report.
The average price of unleaded self-serve gasoline in Bradford is $3.253; in Brookville, $3.241; in DuBois, $3.235; and in Warren, $3.259.
Increasing gasoline stock levels have helped to keep gas prices mostly stable across the country. On the week, 40 state gas price averages held steady or saw fluctuation of only one to two cents. This helped the national average decrease by a penny since last Monday, down to $3.07 today.
According to Energy Information Administration (EIA) data, total gasoline stocks sit at 242.9 million barrels, which is a 9 million barrel surplus compared to the same week in June 2019. Stock levels have increased in line with refinery utilization rates, which are at the highest rate since January 2020. Demand is also trending higher. In EIA’s latest report, demand increased by nearly 1 million barrels per day to 9.3 million barrels per day.
Despite the latest increase in demand, many motorists are not seeing significant pump price jumps due to increasing stock levels, which have significantly built over the last four weeks. During this same period, the national gas price average has only increased four cents.
Last week, the price of crude oil increased to $72 per barrel, but decreased by $2 per barrel at Friday’s close. If crude prices trend at this or a lower price point for a sustained period, that would help to minimize jumps at the pump through the end of this month.