(File Photo)
Gas prices are 14 cents lower in Western Pennsylvania this week at $4.591 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Pennsylvania Average                $4.591
Average price during the week of July 18, 2022                                      $4.737
Average price during the week of July 26, 2021                                      $3.304

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

$4.492      Altoona
$4.709      Beaver
$4.659      Bradford
$4.470      Brookville
$4.555      Butler
$4.640      Clarion
$4.522      DuBois
$4.533      Erie
$4.657      Greensburg
$4.561      Indiana
$4.550      Jeannette
$4.594      Kittanning
$4.680      Latrobe
$4.507      Meadville
$4.599      Mercer
$4.512      New Castle
$4.585      New Kensington
$4.540      Oil City
$4.657      Pittsburgh
$4.566      Sharon
$4.696      Uniontown
$4.665      Warren
$4.648      Washington

Trend Analysis:

Modest demand for gas and lower oil prices resulted in pump prices falling again, down 17 cents since last week to $4.35. Today’s average is 63 cents less than a month ago and $1.20 more than a year ago. The steady decline is due to low domestic demand for gasoline and oil prices that remain in the mid-$90s per barrel. The price of gas has now fallen every day since hitting a record $5.01 on June 14.

According to new data from the Energy Information Administration (EIA), gas demand rose from 8.06 million barrels per day to 8.52 million barrels per day last week. However, that rate is 800,000 barrels per day lower than last year and is in line with demand during July 2020, when COVID-19 restrictions curbed demand. Additionally, total domestic gasoline stocks increased by 3.5 million barrels to 228.4 million barrels, signaling that low demand led to growth in inventory last week.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.65 to settle at $94.70. Crude prices declined last week as the market continues to worry that weak demand, which is typically strong throughout the summer, could continue to push prices lower. A strengthening dollar also helped to push crude prices lower last week.

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

AAA East Central is a not-for-profit association with 71 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.