For the third month, gas prices are lingering in the $3.69 per gallon range in Bradford, while elsewhere in the state, prices are relatively unchanged at $3.62 per gallon.
However, analysts are cautioning that with the rising price of oil, prices at the pumps may be headed up again.
On Monday, AAA East Central’s Gas Price Report stated the average price of unleaded self-serve gasoline in Bradford is $3.699 per gallon, in Brookville, $3.602, in DuBois, $3.596, in Erie, $3.656, and in Warren, $3.699.
GasBuddy reported that prices in Pennsylvania are unchanged versus a month ago and stand at $1.053 cents per gallon lower than a year ago. The national average price of diesel has risen 0.1 cents in the last week and stands at $3.80 per gallon.
According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $2.99 per gallon on Sunday while the most expensive was $4.27 per gallon, a difference of $1.28 per gallon.
The national average price of gasoline has risen 3.4 cents per gallon in the last week, averaging $3.53 per gallon on Monday. The national average is down 1.6 cents per gallon from a month ago and stands 97.5 cents per gallon lower than a year ago, according to GasBuddy data.
“With oil prices rising to $75 per barrel last week, the highest level in months, the national average price of gasoline saw similar upward pressure, with a little over half of the nation’s states seeing gas prices rise last week,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
Rate hikes may be on the horizon.
“While the price increases could continue into this week, I would expect them to be fairly mild, with the national average likely staying in the $3.50-$3.60 range that we’ve been stuck in since April for the coming week and likely into next week as well,” De Haan said. “Economic data has been playing a larger than typical role in putting pressure on gas prices, with OPEC production cuts also a major factor.”
According to AAA, oil prices have increased partly due to rising market optimism that fewer interest rate hikes may be on the horizon. At the close of last Wednesday’s formal trading session, WTI increased by 92 cents to settle at $75.75.
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.6 to 8.76 million b/d last week. Meanwhile, total domestic gasoline stocks stayed flat at 219.5 million barrels. Although lower gas demand typically pushes pump prices lower, rising oil prices have lifted them. If oil prices continue to rise, pump prices will likely follow suit.
