AAA: Western PA Gas Prices Hold Steady; Supply Outpaces Demand Nationwide

| July 14, 2020

VENANGO CO., Pa. – The average price of gasoline across Western Pennsylvania is steady this week at $2.473 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 $2.460. The average in Mercer County is $2.504.

Gas price fluctuation was low in most Mid-Atlantic and Northeast states this week. Delaware (+7 cent) and Maryland (+5 cents) saw the largest increases in the region and land on the top 10 list of states with the biggest changes, along with Connecticut (+4 cents) and Vermont (+3 cents). Washington, D.C. (-1 cent) and West Virginia (-2 cents) were among a minority of states in the country to see gas prices push cheaper.

The region saw inventory levels plummet by nearly 3 million barrels. The Energy Information Administration (EIA) latest report measures total stock levels at 72.3 million barrels, which is still a healthy supply level for this time of year. While stocks could decrease further in the week ahead due to an unplanned shutdown at Phillips 66’s 265,000-b/d Bayway refinery in Linden, N.J., at the end of last week, this event has not had an immediate impact at the pump given the abnormally high level of inventory on hand.

This week’s average prices: Western Pennsylvania Average $2.473
Average price during the week of July 6, 2020 $2.475
Average price during the week of July 15, 2019 $2.983

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

$2.484 Altoona
$2.478 Beaver
$2.497 Bradford
$2.482 Brookville
$2.458 Butler
$2.460 Clarion
$2.477 DuBois
$2.483 Erie
$2.437 Greensburg
$2.489 Indiana
$2.464 Jeannette
$2.468 Kittanning
$2.466 Latrobe
$2.490 Meadville
$2.504 Mercer
$2.420 New Castle
$2.494 New Kensington
$2.499 Oil City
$2.467 Pittsburgh
$2.489 Sharon
$2.469 Uniontown
$2.499 Warren
$2.397 Washington

On the National Front

Gasoline demand increased on the week to the highest level (8.7 million b/d) since March as stocks decreased, but the combination wasn’t enough to significantly impact gas price averages across the country. On the week, the national gas price average only increased one penny to land at $2.19. That is nine cents more than last month and nearly 60 cents less than a year ago.

EIA data show gasoline demand and supply have been on a roller coaster ride, largely as motorists react to unfolding COVID-19 information. From May to early July in 2019, gasoline demand averaged 9.5 million b/d. For the same time period this year, demand is measuring at 8 million b/d while gasoline stocks sit, on average, at a 24-million-barrel surplus. The low demand and high supply are keeping gas prices relatively cheap for the summertime.

At the end of Friday’s formal trading session, West Texas Intermediate increased by 93 cents to settle at $40.55 per barrel. Domestic crude prices were volatile last week after the EIA’s weekly report revealed that total domestic crude inventories increased by 5.7 million barrels to 539.2 million. Increasing crude stocks could mean that crude production is still too high given where demand is currently.

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


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