PITTSBURGH — The average price of gasoline across Western Pennsylvania is two cents cheaper this week at $2.122 per gallon, according to AAA East Central’s Gas Price Report.
Mid-Atlantic and Northeast state averages are two to six cents cheaper on the week. With the latest declines, only four states in the region carry averages of more than $2/gallon: New York ($2.22), Washington, D.C. ($2.16), Pennsylvania ($2.08) and New Jersey ($2.05). At $1.68, North Carolina has the lowest state average in the region.
Increasing by 1.3 million barrels, total regional gasoline stocks now sit at a healthy 71.8 million barrels. Inventory has bumped up for a month by a substantial 11 million barrels. Energy Information Administration (EIA) levels were reported at 60 million barrels for the week ending March 20. Given the substantial amount of gasoline inventory, regional refinery utilization has plummeted to 39%.
The average price of unleaded self-serve gasoline in Bradford was $2.198; in Brookville, $2.098; in DuBois, $2.10; in Erie, $2.106; and in Warren, $2.199.
On the week, the national gas price average decreased by a nickel pushing the year-over-year savings to $1.03/gallon. Today, 20 states have pump price averages that are $1/gallon or more cheaper compared to last year, with another dozen states within a dime of reaching this mark. One in four U.S. gas stations are selling gas for $1.49 or less.
Prices may continue to drop in the week ahead, as regional refinery rates drop and the price of crude oil plummets. Crude prices will likely remain volatile this week as the market continues to assess how low prices could fall during the ongoing pandemic.
