AAA: Crude Oil Rises to $115 per Barrel

(File Photo)
Gas prices are stable in Western Pennsylvania this week at $4.701 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Pennsylvania Average                $4.701
Average price during the week of May 23, 2022                                      $4.700
Average price during the week of June 1, 2021                                       $3.177

The average price of unleaded self-serve gasoline in various areas:      

$4.758      Altoona
$4.699      Beaver
$4.702      Bradford
$4.669      Brookville
$4.709      Butler
$4.734      Clarion
$4.699      DuBois
$4.677      Erie
$4.692      Greensburg
$4.698      Indiana
$4.687      Jeannette
$4.741      Kittanning
$4.699      Latrobe
$4.696      Meadville
$4.756      Mercer
$4.681      New Castle
$4.699      New Kensington
$4.699      Oil City
$4.693      Pittsburgh

$4.659      Sharon
$4.689      Uniontown
$4.699      Warren
$4.692      Washington

Trend Analysis:

The national average for a gallon of gas rose less than three cents over the past week to reach $4.62. However, the price of crude oil, which accounts for more than 50 percent of the cost of a gallon of gas, has now moved above $115 a barrel. This is due to fears of further global supply constraints as European Union (EU) leaders announced yesterday they will ban 90 percent of Russian oil imports by the end of 2022. Crude prices also increased last week after the Energy Information Administration (EIA) reported that domestic crude supply decreased by 1 million barrels to 419.8 million barrels. The current level is approximately 13.3 percent lower than during the third week of May 2021.

Even though gasoline demand was lower last week, domestic demand may start to climb again as drivers fuel up for the three-month-long summer travel season, which began this Memorial Day weekend. AAA forecast nearly 35 million travelers hit the road for Memorial Day, the highest number since 2019, despite record prices at the gas pump. The pent-up urge to travel caused by the pandemic has outweighed high pump prices for many consumers. But 67% of drivers recently surveyed told AAA they would change their driving habits if gas hit $4.50 a gallon. That number rises to 75% at $5 a gallon.

According to EIA data, total domestic gasoline stocks decreased by 500,000 barrels to 219.7 million barrels last week. Gasoline demand also dipped from 9 million barrels per day to 8.8 million barrels per day, approximately 700,000 barrels per day lower than a year ago.

Today’s national average for a gallon of gas is 45 cents more than a month ago and $1.58 more than a year ago.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 72 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.