Gas prices in Western Pennsylvania have fallen by two cents this week to $5.007 per gallon, according to AAA East Central’s Gas Price Report.
Average gasoline prices in the rest of the state have fallen 4.2 cents per gallon in the last week, averaging $5.01/g as of Monday, according to GasBuddy’s survey of 5,269 stations in Pennsylvania.
Prices in Pennsylvania are 25.0 cents per gallon higher than a month ago and stand $1.84/g higher than a year ago. The price of diesel has risen 2.6 cents nationally in the past week and stands at $5.80 per gallon.
According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $4.50/g on Monday while the most expensive was $6.29/g, a difference of $1.79/g.
The national average price of gasoline has fallen 4.2 cents per gallon in the last week, averaging $4.97/g on Monday. The national average is up 37.3 cents per gallon from a month ago and stands $1.92/g higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
As of Monday, the average price in Bradford was $4.996; in Brookville, $5.016; in DuBois, $5.003; in Erie, $4.984; and in Warren, $4.999.
“Finally some relief! For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil. But the coast isn’t yet entirely clear. We could see the national average fall another 15 to 30 cents, if we’re lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such.”
According to AAA, the primary cause for the falling price is the tumbling cost of oil, which fell from $122 to around $110 per barrel due to fears of a global recession and its associated economic slowdown. As a result, the national average for a gallon of gas is $4.96, a nickel less than a week ago, 37 cents more than a month ago, and $1.89 more than a year ago.
The recent high prices may have led to a small drop in domestic gasoline demand as fewer drivers fueled up last week. This dip, coupled with less costly oil, has taken some steam out of surging pump prices. And this is happening right before drivers gas up for what AAA forecasts will be a busy July 4th travel weekend.
