AAA: Small Increase at the Pump; Demand Jumps Nationwide

| January 26, 2021

gasThe average price of gasoline across Western Pennsylvania is three cents higher this week at $2.735 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Pennsylvania Average                  $2.735
Average price during the week of January 19, 2021                                  $2.708
Average price during the week of January 27, 2020                                  $2.764

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

$2.786      Altoona
$2.769      Beaver
$2.799      Bradford
$2.803      Brookville
$2.765      Butler
$2.709      Clarion
$2.659      DuBois
$2.761      Erie
$2.614      Greensburg
$2.793      Indiana
$2.706      Jeannette
$2.749      Kittanning
$2.540      Latrobe
$2.789      Meadville
$2.799      Mercer
$2.557      New Castle
$2.763      New Kensington
$2.799      Oil City
$2.728      Pittsburgh

$2.799      Sharon
$2.783      Uniontown
$2.799      Warren
$2.631      Washington

Trend Analysis:
At the pump, the national average increased by two cents on the week to $2.40. Five states saw gas prices decrease – Michigan (-5 cents), Indiana (-5 cents), Ohio (-2 cents), North Carolina (-1 cent) and Delaware (-1 cent); while the rest of the country saw nominal increases. Moreover, only three states saw gas price averages increase more than a nickel.

According to the latest Energy Information Administration (EIA) measurement, gasoline demand jumped from 7.53 million b/d to 8.11 million b/d. Typically, a significant increase in demand results in a comparable decrease in supply, ultimately translating to more expensive pump prices. However, the recent large jump in demand had little impact on gasoline supply and minimal impact on pump prices so far. Another week of substantial demand increase could have a larger impact on inventory levels and lead to a larger rise at the pump.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by 86 cents to settle at $52.36. Crude prices declined last week following market concern as coronavirus infections rise and a possible reduction in crude demand looms. Additionally, the EIA’s latest weekly report revealed that total domestic crude inventories rose by 4.4 million barrels to 486.6 million barrels, which also put downward pressure on crude prices. For this week, crude prices may continue to drop if market concern regarding demand continues to grow.

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


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