The average price of gasoline across Western Pennsylvania held steady this week at $2.555 per gallon, according to AAA East Central’s Gas Price Report.
The average price of unleaded self-serve gasoline in various areas includes $2.656 in Bradford, $2.506 in DuBois and $2.659 in Warren.
Pump prices nationwide increased on the week despite U.S. gasoline demand falling below 8 million b/d, the lowest weekly reading since June and the lowest demand reading for the week of Thanksgiving since 1997. At $2.16, the national gas price average is more expensive on the week (+4 cents) and the month (+5 cents), but cheaper (-42 cents) compared to last year at this time.
Gains in crude oil prices (due to market optimism surrounding Coronavirus vaccines) and the OPEC decision to increase oil production next year has led to a number of states seeing pump price jumps of 3 to 12 cents this week. Last week, crude oil prices (West Texas Intermediate) reached a high of $46/barrel, a price point not seen since early March.
If this trend ends or oil prices decrease, motorists may end up seeing cheaper gas as the holidays approach. Last December the national gas price average was $2.57. One week into the month this year, the average is $2.15.
