AAA: Slight Drop at the Pump in Pennsylvania; Demand Begins to Increase Nationwide
The average price of gasoline across Western Pennsylvania is a penny cheaper this week at $2.070 per gallon, according to AAA East Central’s Gas Price Report.
The majority of states in the Mid-Atlantic and Northeast region continue to pay less at the pump. Vermont (-3 cents) saw the largest decline on the week. Gas prices in the region range from $1.67 to $2.17. Only four states in the region carry gas prices above $2/gallon: Washington, D.C. ($2.17), New York ($2.15), Pennsylvania ($2.02) and New Jersey ($1.99).
After weeks of steady gasoline stock increases, the Energy Information Administration (EIA) reports a decline of 1.3 million barrels to total regional levels at 72.5 million barrels. Regional refinery rates are steadily building back towards 50%. In the week ahead, most of the region is likely to see gas prices hold steady or minimally decline as the bulk of states continues to keep stay at home orders intact.
This week’s average prices: Western Pennsylvania Average $2.070
Average price during the week of April 27, 2020 $2.082
Average price during the week of May 6, 2019 $3.103
The average price of unleaded self-serve gasoline in various areas:
$2.034 Altoona
$2.209 Beaver
$2.128 Bradford
$2.089 Brookville
$2.002 Butler
$1.949 Clarion
$2.104 Du Bois
$2.066 Erie
$2.103 Greensburg
$2.099 Indiana
$2.145 Jeannette
$2.021 Kittanning
$2.105 Latrobe
$1.947 Meadville
$1.999 Mercer
$1.750 New Castle
$2.198 New Kensington
$2.099 Oil City
$2.177 Pittsburgh
$1.878 Sharon
$2.206 Uniontown
$2.159 Warren
$2.147 Washington
On the National Front
State gas price averages increased for less than a dozen states in the last week, but they were large enough jumps to push an increase to the national average. At $1.78, today’s average is a penny more expensive than last week, 16 cents less than a month ago and $1.11 cheaper than at this point last year.
As some states begin to re-open businesses, they will likely see demand increase and pump prices will likely follow suit. Although U.S. gasoline demand has incrementally increased, it remains below 6 million b/d.
On the week, the Great Lakes and Central region saw double-digit increases in a few states, but the bulk of the country saw decreases of a nickel or less. Pump price fluctuation will continue across the country in coming weeks, especially as more states re-open and motorists begin driving more.
At the end of Friday’s formal trading session, West Texas Intermediate increased by 94 cents to settle at $19.78 per barrel. Crude prices increased last week amid growing market optimism that an oversupply of crude may be beginning to decrease, as demand for gasoline moves up and the 9.7 million b/d production reduction agreement between the Organization of the Petroleum Exporting Countries and other major crude producers takes effect this month and next month.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 78 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.