Gas prices in Pennsylvania were unchanged over the past week, at an average of $3.90 per gallon.
Yet for once, Bradford’s prices were lower, at $3.77 per gallon, according to AAA East Central. Brookville’s price was $3.932, DuBois at $3.978, Erie at $3.971 and Warren at $3.999.
Prices in Pennsylvania are 27.7 cents per gallon higher than a month ago and stand 38.3 cents per gallon lower than a year ago. The national average price of diesel has risen 12.3 cents in the last week and stands at $4.270 per gallon.
According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $3.39 per gallon Sunday while the most expensive was $4.59 per gallon, a difference of $1.20 per gallon.
The national average price of gasoline has risen 2.5 cents per gallon in the last week, averaging $3.82 per gallon Monday. The national average is up 29.1 cents per gallon from a month ago and stands 9.6 cents per gallon lower than a year ago, according to GasBuddy data.
“The national average price of gasoline continues to hold near the highest level we’ve seen since last October, touching $3.84 per gallon. It could climb slightly higher as we get closer to Labor Day, as oil prices remain under pressure from recent OPEC+ production cuts,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
It doesn’t look like the squeeze on our wallets will be letting up anytime soon. The analyst said while July Consumer Price Index data looked good with energy prices down, “August data isn’t going to look nearly as friendly. Gasoline prices stand just over a dime away from rising back above their year-ago level — something that is definitely possible by the closing summer holiday. In addition, the largest refinery in the Midwest moved up its seasonal maintenance to several weeks earlier than expected, causing a somewhat unexpected jump at the pump in the Great Lakes. Motorists will likely see a mixed bag at the pump this week, with a few states seeing prices fall slightly, while others will see the opposite.”
According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.84 to 9.30 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased from 219.1 to 216.4 million barrels. Higher demand, amid tighter supply, has helped to keep pump prices elevated.
At the close of Wednesday’s formal trading session, West Texas Intermediate increased by $1.48 to settle at $84.40. The price of oil has not been this high since mid-April 2023. Prices have increased amid market optimism that oil demand will be more robust than expected during this half of 2023 and into 2024. Additionally, the EIA reported that total domestic commercial crude inventories increased from 439.8 to 445.6 million barrels.
