AAA: Pennsylvania Gas Prices Keep Dropping; National Demand Hits 52-Year Low
The average price of gasoline across Western Pennsylvania is four cents cheaper this week at $2.147 per gallon, according to AAA East Central’s Gas Price Report.
Mid-Atlantic and Northeast states are seeing gas prices decrease, but at a slower rate as compared to neighbors in the South and Mid-West. On the week, these states saw the largest declines in the region: Washington, D.C (-8 cents), Vermont (-6 cents), Connecticut (-6 cents), Rhode Island (-6 cents) and West Virginia (-6 cents). Gas prices now range from as cheap as $1.71 in North Carolina to as expensive as $2.25 in New York.
Gasoline stocks continue to build in the region according to the latest Energy Information Administration (EIA) data. This week, inventory is up by 4.6 million barrels to 70.5 million – which is the highest level recorded by the EIA for the region in decades. With motorists homebound, the region can expect to see pump prices push cheaper as stocks increase and demand drops.
This week’s average prices: Western Pennsylvania Average $2.147
Average price during the week of April 6, 2020 $2.183
Average price during the week of April 15, 2019 $3.042
The average price of unleaded self-serve gasoline in various areas:
$2.090 Altoona
$2.233 Beaver
$2.198 Bradford
$2.099 Brookville
$2.145 Butler
$2.103 Clarion
$2.108 Du Bois
$2.105 Erie
$2.139 Greensburg
$2.199 Indiana
$2.248 Jeannette
$2.163 Kittanning
$2.199 Latrobe
$1.957 Meadville
$2.268 Mercer
$1.805 New Castle
$2.229 New Kensington
$2.199 Oil City
$2.241 Pittsburgh
$1.949 Sharon
$2.267 Uniontown
$2.202 Warren
$2.225 Washington
On the National Front
The national gas price average has steadily declined for seven weeks, pushing the average cheaper by 61-cents to $1.86 today. In the same timeframe (since late February), U.S. demand for gasoline has decreased 44% to 5 million b/d as gasoline inventories build across the country. The latest data reveals demand levels not seen since spring of 1968, and every U.S. region is seeing builds in gasoline inventories and crude storage.
On Sunday, the Organization of the Petroleum Exporting Countries plus (OPEC+) announced historic global crude productions cuts – nearly 10 million b/d in May and June. Effective May 1, the production cuts are expected to ease in June, but some restrictions will remain in place through April 2022. The production cut hasn’t had an immediate impact on pump prices given the ongoing impact the COVID-19 pandemic.
Crude prices will likely remain volatile this week, as the market assesses if the production cuts are sufficient to hold back growing global crude inventories as COVID-19 continues to push down demand. Today (Monday, April 13), West Texas Intermediate is hovering in the low to mid $20/barrel range.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.