The downward trend is continuing with gas prices, at least in this region of the country.
GasBuddy and AAA East Central both reported the thirteenth straight week of falling prices, with the Bradford average at $3.99 on Monday.
In Brookville, the average was $3.727; in DuBois, $3.873; in Erie, $3.968; and in Warren, $3.999.
The average price in Pennsylvania was $3.91 per gallon, according to GasBuddy. Prices in Pennsylvania are 38.1 cents per gallon lower than a month ago and stand 62.1 cents per gallon higher than a year ago. The national average price of diesel has declined 5.5 cents in the last week and stands at $5.01 per gallon.
According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $3.29 per gallon Sunday while the most expensive was $5.19 per gallon, a difference of $1.90 per gallon.
“We continue to see the national average price of gasoline decline, now for the thirteenth straight week. But, we’re seeing drastically different price behaviors from coast to coast, with some areas seeing noticeable increases while others are seeing decreases,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Refinery issues in California are leading to increases in areas supplied by the state’s refineries, including areas of Arizona, Nevada, Oregon, Washington and of course, California.
“Gasoline supply remains tight for the East Coast with some modest moves up, while prices continue to edge lower in the Plains, South and areas of the Great Lakes,” De Haan said. “For now, I believe the drop in prices will overpower the increases, leading to potentially another decline this week, but we’re in a very fragile time and certainly could see a broader move higher in the weeks ahead.”
The national average price for a gallon of gas fell seven cents in the past week to reach $3.71, a level not seen since the beginning of March, according to AAA. The primary reason for this decline is the recent lower cost for oil. This trend has helped pump prices fall steadily for three straight months. Monday’s national average is 26 cents less than a month ago but 54 cents more than a year ago.
At the close of Friday’s formal trading session, West Texas Intermediate increased by $3.25 to settle at $86.79. Although a weakening dollar helped to increase crude prices at the end of the week, prices dropped earlier in the week amid ongoing market concerns that oil demand will fall if economic growth slows or stalls due to a recession. Additionally, EIA’s latest weekly report showed that total commercial crude inventories increased significantly by 8.9 million barrels to 427.2 million barrels.
