AAA: Gas Average Dips in PA as Prices Move Downward Nationwide
The average price of gasoline across Western Pennsylvania is a penny cheaper this week at $2.447 per gallon, according to AAA East Central’s Gas Price Report.
On the week, only a handful of states in the Mid-Atlantic and Northeast region saw gas prices increase: Maryland (+3 cents) and Delaware (+2 cents). North Carolina (-4 cents) saw the largest decrease.
With a 3.4-million-barrel draw, the region’s stock levels have dipped to 67.6 million barrels. While measurement levels have not been this low since the end of March, stocks sit at a 9-million-barrel year-over-year surplus, according to Energy Information Administration (EIA) data. Stock levels have steadily declined for one month, which has contributed to low volatility at the pump. Pump price savings are expected to continue into August, especially with low demand amid COVID-19 travel restrictions.
This week’s average prices: Western Pennsylvania Average $2.447
Average price during the week of July 20, 2020 $2.458
Average price during the week of July 29, 2019 $2.951
The average price of unleaded self-serve gasoline in various areas:
$2.496 Altoona
$2.406 Beaver
$2.495 Bradford
$2.482 Brookville
$2.430 Butler
$2.461 Clarion
$2.477 DuBois
$2.481 Erie
$2.389 Greensburg
$2.508 Indiana
$2.425 Jeannette
$2.429 Kittanning
$2.399 Latrobe
$2.489 Meadville
$2.508 Mercer
$2.347 New Castle
$2.437 New Kensington
$2.496 Oil City
$2.431 Pittsburgh
$2.462 Sharon
$2.430 Uniontown
$2.499 Warren
$2.310 Washington
On the National Front
As COVID-19 case numbers surpass 4 million, demand for gasoline is weakening across the country. The latest EIA demand reading measures at 8.5 million b/d, which is about 11% less than a year ago. The lower demand contributed to a cheaper national average on the week – down one penny to $2.18. This is the first time since late April that the national average has declined.
Today’s national average ($2.18) is one cent more than last month and 56 cents cheaper than last year. Motorists can find gas for $2.25 or less at 70% of gas stations across the country.
At the end of Friday’s formal trading session, West Texas Intermediate increased by 22 cents to settle at $41.29 per barrel. Domestic crude prices increased due to a slight decrease in the value of a U.S. dollar. However, crude prices could fall this week, since EIA’s weekly report revealed that total domestic inventories increased by 4.9 million barrels. The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied.
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.