Gas prices are two cents lower in Western Pennsylvania this week at $3.901 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Pennsylvania Average $3.901
Average price during the week of October 2, 2023 $3.927
Average price during the week of October 10, 2022 $3.968
The average price of unleaded self-serve gasoline in various areas:
$3.898 Altoona
$3.934 Beaver
$3.762 Bradford
$3.813 Brookville
$3.910 Butler
$3.914 Clarion
$3.887 DuBois
$3.936 Erie
$3.871 Greensburg
$3.898 Indiana
$3.955 Jeannette
$3.935 Kittanning
$3.938 Latrobe
$3.772 Meadville
$3.999 Mercer
$3.826 New Castle
$3.930 New Kensington
$3.999 Oil City
$3.896 Pittsburgh
$3.885 Sharon
$3.901 Uniontown
$3.998 Warren
$3.876 Washington
Trend Analysis:
The decline in pump prices accelerated a bit since last week, with the national average falling 11 cents to $3.70. The primary reasons are slack demand and the lower cost of oil, which is hovering near $85 per barrel. Today’s national average is 12 cents less than a month ago and 21 cents less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand dropped significantly from 8.62 to 8.01 million barrels per day last week. On the other hand, total domestic gasoline stocks increased substantially by 6.5 million barrels to 227 million barrels. Growing supply, amid low demand, has pushed pump prices down.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $5.01 to settle at $84.22. Oil prices fell sharply due to rising market concern that if interest rates continue to increase, the economy could tip into a recession. If a recession occurs, crude demand and prices would likely drop. Additionally, the EIA reported that total commercial crude stocks decreased by 2.2 million barrels to 414.1 million barrels last week.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.