Gas prices are two cents higher in Western Pennsylvania this week at $3.643 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Pennsylvania Average $3.643
Average price during the week of July 10, 2023 $3.623
Average price during the week of July 18, 2022 $4.737
The average price of unleaded self-serve gasoline in various areas:
$3.695 Altoona
$3.713 Beaver
$3.699 Bradford
$3.602 Brookville
$3.654 Butler
$3.655 Clarion
$3.596 DuBois
$3.656 Erie
$3.656 Greensburg
$3.695 Indiana
$3.582 Jeannette
$3.673 Kittanning
$3.654 Latrobe
$3.608 Meadville
$3.689 Mercer
$3.524 New Castle
$3.654 New Kensington
$3.693 Oil City
$3.668 Pittsburgh
$3.575 Sharon
$3.549 Uniontown
$3.699 Warren
$3.604 Washington
Trend Analysis:
Despite a notable cratering in gas demand in the days since the July Fourth holiday, pump prices crept higher over the past week in most of the country. Today’s national average of $3.565 is two cents more than a week ago, one cent less than a month ago and 97 cents lower than a year ago.
The main culprit is a higher price for oil, which moved from the upper $60s per barrel recently to the mid-$70s. Oil prices have increased partly due to rising market optimism that fewer interest rate hikes may be on the horizon. At the close of last Wednesday’s formal trading session, WTI increased by 92 cents to settle at $75.75.
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.6 to 8.76 million b/d last week. Meanwhile, total domestic gasoline stocks stayed flat at 219.5 million barrels. Although lower gas demand typically pushes pump prices lower, rising oil prices have lifted them. If oil prices continue to rise, pump prices will likely follow suit.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.