Small Dip in Pa. Gas Prices as Fall Driving Season Sets In

The average price of gasoline across Western Pennsylvania is two cents lower this week at $2.534 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices

Western Pennsylvania Average – $2.534

Average price during the week of Sept. 14, 2020 – $2.555

Average price during the week of Sept. 23, 2019 – $2.884

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

$2.554 Altoona

$2.553 Beaver

$2.609 Bradford

$2.546 Brookville

$2.532 Butler

$2.490 Clarion

$2.552 DuBois

$2.587 Erie

$2.447 Greensburg

$2.564 Indiana

$2.396 Jeannette

$2.572 Kittanning

$2.484 Latrobe

$2.586 Meadville

$2.587 Mercer

$2.422 New Castle

$2.561 New Ken.

$2.599 Oil City

$2.510 Pittsburgh

$2.586 Sharon

$2.524 Uniontown

$2.599 Warren

$2.426 Washington

Trend Analysis

The latest Energy Information Administration (EIA) report measures demand at 8.48 million barrels per day (b/d), which is a slight uptick from the previous week’s 8.39 million.

However, the small increase – likely due to holiday road trips – is still 461,000 b/d lower than last year at this time. Low demand, even as total domestic stocks of gasoline declined to 231.5 million barrels, has helped keep pump prices low.

Today’s national gas price average is $2.18, which is one cent less than last week, the same price as a month ago, but 48 cents cheaper than mid-September last year.

On the week, all states saw gas prices decrease or remain stable at the pump. Most state averages have pushed cheaper by a penny or two since last Monday.

With the nation entering the fall driving season, which typically sees fewer road trips, a continued drop in demand will likely lead to pump prices continuing to decrease.

Hurricane effects

Additionally, the National Hurricane Center is currently tracking Tropical Storm Beta, which is expected to produce severe flooding and heavy rain in coastal Texas and Louisiana this week.

The expected damage to infrastructure will likely hinder ongoing recovery efforts in the region due to other recent storms and hurricanes, which have shuttered total U.S. crude refining capacity by 8.7%. Any crude or pump price impacts will likely be contained to the region and not have a national impact.

Market actions

At the close of Friday’s formal trading session, West Texas Intermediate increased by 14 cents to settle at $41.11.

Domestic crude prices increased last week after the EIA’s weekly report revealed that total domestic crude inventories decreased by 4.4 million barrels to 496 million.

Decreasing stocks could signal that supply and demand are rebalancing, even while production grew by 900,000 b/d last week to 10.9 million b/d.

For this week, crude prices could increase again if the EIA’s next weekly report shows another decrease in total inventories.

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

Editor’s Note: AAA East Central is a not-for-profit association with 76 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.