AAA: Gas Prices Decrease in Pennsylvania
VENANGO CO., Pa. — Gas prices are a penny lower in Western Pennsylvania this week at $3.758 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Pennsylvania Average: $3.758
Average price during the week of March 6, 2023: $3.767
Average price during the week of March 14, 2022: $4.378
Venango County drivers are paying an average of $3.774 a gallon for regular unleaded gasoline. In Clarion County, the standard price is $3.717. Forest County drivers are paying an average of $3.739 a gallon.
The average price of unleaded self-serve gasoline in various areas:
$3.696 Altoona
$3.760 Beaver
$3.849 Bradford
$3.777 Brookville
$3.710 Butler
$3.691 Clarion
$3.744 DuBois
$3.738 Erie
$3.779 Greensburg
$3.780 Indiana
$3.814 Jeannette
$3.802 Kittanning
$3.792 Latrobe
$3.787 Meadville
$3.867 Mercer
$3.660 New Castle
$3.763 New Kensington
$3.796 Oil City
$3.755 Pittsburgh
$3.631 Sharon
$3.684 Uniontown
$3.859 Warren
$3.697 Washington
Trend Analysis:
The national average for a gallon of regular gasoline increased seven cents since last week to $3.47 even though demand and the global cost of oil have fallen recently. The higher prices are mainly due to the switch to summer blend gasoline, which can add five to ten cents per gallon. Today’s national average of $3.47 is three cents more than a month ago but 79 cents less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand declined from 9.11 million to 8.56 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased by 1.1 million barrels to 238.1 million barrels last week. Although gas demand has declined, fluctuating oil prices have increased pump prices amid tighter supply.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by 92 cents to settle at $76.66. Crude prices dropped after the Chair of the U.S. Federal Reserve indicated that additional interest rate increases are likely. The market is concerned that rising interest rates could tip the U.S. economy into a recession, which would lower oil demand amid reduced economic activity. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 1.7 million barrels to 478.5 million barrels last week.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.
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