The national average for a gallon of gas dropped this week by six cents to $3.41. Fewer people fueling up, and lower costs for oil, are behind the price dip. Today’s average is 13 cents more than a month ago and seven cents less than a year ago.

The average price of unleaded self-serve gasoline in Beaver County is $3.797

According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.49 million to 8.43 million b/d last week. The current gas demand rate is approximately 700,000 b/d lower than the rate during the first week of February 2022, helping to explain why gas prices are declining. Meanwhile, total domestic gasoline stocks increased significantly by 5 million barrels to 239.6 million barrels last week.

At the close of Wednesday’s formal trading session, West Texas Intermediate increased by $1.33 to settle at $78.47. Crude prices rose last week due to persistent market optimism that global oil demand will be stronger than expected.