Western Pa. Gas Prices Edge Closer to $3 Mark

The average price of gasoline across Western Pennsylvania is six cents higher this week at $2.983 per gallon, according to AAA East Central’s Gas Price Report.

States in the Mid-Atlantic and Northeast region are experiencing some of the lowest volatility in gas prices in the country, despite low refinery utilization rates and gasoline stock levels. On the week, most states saw gas price increases of three cents or less (Pennsylvania, +3 cents).

Regional refinery utilization is now down to 69 percent. However, the Energy Information Administration (EIA) reports the region saw a build of 714,000 barrels in gasoline inventory to total levels at 59.2 million barrels.

The build was a surprise, but good news for the region and will help to keep gas price volatility in check.

The week’s average prices

Western Pennsylvania Average – $2.983

Average price during the week of July 8, 2019 – $2.920

Average price during the week of July 16, 2018 – $3.107

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

$2.843 Altoona

$3.031 Erie

$2.987 Greensburg

$2.992 Indiana

$2.992 Pittsburgh

$2.953 Sharon

$2.990 Uniontown

$2.999 Warren

$2.983 Washington

On the National Front

Since last Monday, 18 states have seen their gas price averages increase by at least a nickel.

The national gas price average is $2.79, which is an eight-cent increase since the beginning of July. Gas prices have increased amid more expensive crude oil prices, robust demand and decreasing gasoline stocks.

Today’s average is four cents more than last week and a dime more expensive compared to a month ago.

Hurricane Barry, which made landfall in Louisiana this past weekend, seems to have had little impact on the national average thus far. The storm temporarily halted 60 percent of all crude production in the Gulf of Mexico last week.

As it subsides and floodwaters diminish, crude production will resume. Until then, crude stocks may tighten in the region and could cause prices to increase modestly.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by one cent to settle at $60.21. In addition to Hurricane Barry’s impact on crude production, prices increased last week as the market continues to worry about tensions in the Middle East, which could restrict global oil supply.

If those concerns continue into this week, crude prices will likely continue to increase.

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