AAA: Pennsylvania Gas Prices Lower; Fall Trends May Lower Prices Further
The average price of gasoline across Western Pennsylvania is a penny lower this week at $2.555 per gallon, according to AAA East Central’s Gas Price Report.
$2.505 New Castle
$2.566 New Kensington
$2.599 Oil City
Today’s national gas price average is $2.19, which is three cents less than last week, two cents more than a month ago, and 37 cents cheaper than mid-September last year. On the week, every state saw gas prices decrease or stabilize. States with the largest declines are paying a nickel to a dime less, but most averages pushed cheaper by a few pennies since last Monday.
The latest Energy Information Administration (EIA) report measures gasoline demand at 8.3 million barrels-per-day, which is the lowest level since mid-June. As demand dropped for a second week, so did gasoline supply levels – down nearly 3 million barrels to 231 million. While lower supply would typically translate into higher prices, continued low levels of demand are pushing the national average to one of the lowest prices all year.
As the Nation moves into Mid-September, seasonal gasoline trends are starting to take hold. This is the time of the year that ushers in cheaper gas prices due to the switchover at gas stations from summer-blend to winter-blend, which is cheaper to produce. Motorists will likely see some cost savings at the pump with the switchover, but the price difference will be less than other years given how cheap prices are.
One outlying factor that could disrupt these typical market dynamics are continued disruptions to production by tropical storms, depressions, and hurricanes. The National Hurricane Center is currently tracking a number of storms, and Tropical Storm Sally is expected to produce a storm surge and hurricane-force winds for the northern Gulf Coast starting later today. Sally has already forced at least one refinery shutdown in Louisiana and could affect others. However, any pump price impacts will likely be contained to the region and not have a national impact.
At the close of Friday’s formal trading session, West Texas Intermediate increased by three cents to settle at $37.33. Although crude prices made a small gain at the end of the week, the price of crude saw a weekly loss of $2.44.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 76 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.