AAA: Gas Prices Dip in PA; National Average Unaffected by Tropical Storm

| August 5, 2020

VENANGO CO., Pa. (EYT) – The average price of gasoline across Western Pennsylvania is a penny cheaper this week at $2.433 per gallon, according to AAA East Central’s Gas Price Report.

Venango County drivers are paying an average of $2.499 per gallon for regular unleaded gasoline. In Clarion County, the standard price is $2.448. The average in Mercer County is $2.449.

This week’s average prices: Western Pennsylvania Average $2.433
Average price during the week of July 27, 2020 $2.447
Average price during the week of August 5, 2019 $2.924

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

$2.455 Altoona
$2.450 Beaver
$2.497 Bradford
$2.468 Brookville
$2.396 Butler
$2.448 Clarion
$2.448 DuBois
$2.481 Erie
$2.358 Greensburg
$2.498 Indiana
$2.431 Jeannette
$2.441 Kittanning
$2.357 Latrobe
$2.489 Meadville
$2.502 Mercer
$2.317 New Castle
$2.392 New Kensington
$2.499 Oil City
$2.414 Pittsburgh
$2.449 Sharon
$2.422 Uniontown
$2.499 Warren
$2.288 Washington

Trend Analysis:
On the week, the national gas price average held steady at $2.18, as most state averages saw minimal changes. Apart from a few states – Florida (+10 cents), Utah (+10 cents) and Idaho (+5 cents) – averages either decreased by less than four cents or increased by no more than two pennies.

Gas prices are trending cheaper despite an increase in demand. Up 3% over last week, gasoline demand measured at 8.8 million b/d – the highest reading since the pandemic started. However, according to the Energy Information Administration (EIA), year-over-year demand is down about 8%.

Today’s national average has been largely unaffected by Tropical Storm Isaias. The storm, according to the National Hurricane Center, is likely to regain hurricane strength before reaching the coast between northeastern South Carolina and southern North Carolina later today. Given lower than normal U.S. gasoline demand and healthy stock levels, gas prices nationally are not likely to be impacted by Isaias.

At the end of Friday’s formal trading session, West Texas Intermediate increased by 35 cents to settle at $40.27 per barrel. Domestic crude prices increased after the EIA’s latest weekly report revealed that inventories decreased by 10.6 million barrels, bringing the current total to 526 million barrels. The price increase, amid increasing gasoline demand, could mean that the domestic crude market is meeting demand and production is stabilizing as coronavirus infections continue to increase worldwide. If crude supplies continue to decline alongside rising demand, domestic crude prices could continue to increase this week.

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


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