AAA: Gas Prices Rise Slightly in Pennsylvania This Week
The average price of gasoline across Western Pennsylvania is steady this week at $2.343 per gallon, according to AAA East Central’s Gas Price Report.
On the week, the region saw gas prices push more expensive, though mostly by one to two cents. Washington, D.C. (-6 cents) was the only state in the region to see a decrease.
Five states in the region – Pennsylvania ($2.24), New York ($2.18), Washington, D.C., ($2.12), New Jersey ($2.02) and Maryland ($2.02) – carry averages of $2/gallon with a handful of others just pennies away from hitting this mark again: Massachusetts ($1.98), Rhode Island ($1.98), Vermont ($1.96) and Connecticut ($1.96).
Gasoline stocks have steadily increased throughout the month of May in the region. The latest build – nearly 2 million barrels – pushes total levels to nearly 74 million barrels. That is a near-high mark for stocks in the region this year. Stock levels sit at a 10 million barrel year-over-year surplus. However, refinery rates are still low, sitting at 50%.
This week’s average prices: Western Pennsylvania Average $2.343
Average price during the week of May 26, 2020 $2.342
Average price during the week of June 3, 2019 $3.001
The average price of unleaded self-serve gasoline in various areas:
$2.351 Altoona
$2.343 Beaver
$2.348 Bradford
$2.359 Brookville
$2.323 Butler
$2.323 Clarion
$2.322 Du Bois
$2.336 Erie
$2.352 Greensburg
$2.359 Indiana
$2.365 Jeannette
$2.365 Kittanning
$2.357 Latrobe
$2.346 Meadville
$2.346 Mercer
$2.243 New Castle
$2.343 New Kensington
$2.359 Oil City
$2.330 Pittsburgh
$2.359 Sharon
$2.353 Uniontown
$2.359 Warren
$2.345 Washington
On the National Front
The national gas price average is $1.97, just one penny more expensive than last week. Part of the incremental jump can be attributed to increases in gasoline demand, which saw a 7% week-over-week increase. However, demand is still down nearly 25% compared to last year, according to the Energy Information Administration’s latest reports.
Today’s national average is 20 cents more than a month ago, but 85 cents less than a year ago.
At the end of Friday’s formal trading session, West Texas Intermediate increased by $1.78 to settle at $35.49 per barrel. At the end of last week, crude prices spiked amid increased market optimism that demand for crude oil and refined products from it, including gasoline, may be rebounding. For this week, crude prices may continue to rise if the market believes that the 9.7 million b/d production reduction agreement for May and June 2020 between the Organization of the Petroleum Exporting Countries and other major crude exporters, including Russia, is helping to rebalance the global oil market as demand remains low due to COVID-19.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 78 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.