Gas Prices Stabilize in Pennsylvania

Increases at the pump have come to a halt in Western Pennsylvania, with this week’s average dipping by three cents to $3.036 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices

Western Pennsylvania Average – $3.036

Average price during the week of March 15, 2021 – $3.065

Average price during the week of March 23, 2020 – $2.358

Trend Analysis

After weeks of seeing almost daily increases, the national gas price average is showing signs of stability, holding steady at $2.88 for the last 5 days.

Today’s average is the highest price since May 2019 and is more expensive on the week (+2 cents), month (+25 cents) and year (+74 cents).

A decrease in demand and a simultaneous increase in supply and refinery utilization has contributed to slower movement in gas price increases.

In its latest weekly reports, the Energy Information Administration (EIA) shows demand decreased from 8.7 million b/d to 8.4 million b/d, and gasoline supply increased from 231.6 million barrels to 232 million barrels.

Also, crude oil prices have decreased. At the close of Friday’s formal trading session, West Texas Intermediate settled at $61.41. Prices declined on the week largely due to market concern that demand may stumble as some countries restart coronavirus restrictions to curb growing infection rates.

In the week ahead, motorists can expect fluctuation at the pump. However, with crude prices moving lower, large increases at the pump are not likely.

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