AAA: Pump Prices Fall Again
Gas prices are nine cents lower in Western Pennsylvania this week at $4.737 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Pennsylvania Average $4.737
Average price during the week of July 11, 2022 $4.
Average price during the week of July 19, 2021 $3.311
The average price of unleaded self-serve gasoline in various areas:
$4.654 Altoona
$4.829 Beaver
$4.738 Bradford
$4.712 Brookville
$4.717 Butler
$4.720 Clarion
$4.674 DuBois
$4.705 Erie
$4.829 Greensburg
$4.675 Indiana
$4.732 Jeannette
$4.710 Kittanning
$4.838 Latrobe
$4.718 Meadville
$4.750 Mercer
$4.659 New Castle
$4.714 New Kensington
$4.739 Oil City
$4.775 Pittsburgh
$4.705 Sharon
$4.845 Uniontown
$4.737 Warren
$4.782 Washington
Trend Analysis:
The national average for a gallon of gas has fallen 15 cents over the last week to $4.52. Today’s national average is 46 cents less than a month ago and $1.36 more than a year ago. The recent price decline is due to lower domestic demand for gasoline at the pump and a much lower global price for oil. The cost of a barrel of oil is around $100, down from $110 two weeks ago.
According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.41 million barrels per day to 8.06 million barrels per day last week, while total domestic gas stocks increased by 5.8 million barrels. The decrease in demand and declining oil prices have helped push pump prices down.
Crude prices increased slightly at the end of the week due to the market expecting crude supply to remain tight throughout summer. Tightening of supply is being driven by the potential for slower economic growth due to rising interest rates and inflation. Declining crude demand, due to reduced economic activity, could lead prices to follow suit.
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.