Average gas prices are going up in the region, but an industry analyst said it’s the time of year for motorists to start seeing cheaper gas with winter blends.
GasBuddy said average gasoline prices in Pennsylvania have risen 5.9 cents per gallon in the last week, averaging $3.90 per gallon on Monday. In Western Pennsylvania, according to AAA East Central’s Gas Price Report, gas prices are six cents higher at $3.894 per gallon.
Bradford’s average price is $3.824, Brookville’s is $3.905, DuBois is $3.919, Erie is $3.954, and Warren is $3.999.
“The national average rose slightly over the last week due to continued refinery challenges in the western U.S. that have pulled gas prices up considerably in some states, while some 1 in 5 states have seen average gasoline prices decline in the last week,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“With the transition back to cheaper winter gasoline now upon us in nearly every state, we should see prices eventually cooling back off, but if refinery issues continue to develop or linger, especially now that we’re entering maintenance season with less available capacity online, the expected decline could certainly be offset,” De Haan said. “In addition, with oil prices now above $91 for the first time in nearly a year, there remains some offset from the rising price of oil thanks to Saudi Arabia and Russia’s war on low oil prices, now in its third month.”
Prices in Pennsylvania are unchanged versus a month ago and stand 5.7 cents per gallon higher than a year ago. The national average price of diesel has risen 9.9 cents in the last week and stands at $4.53 per gallon. According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $3.36 per gallon on Sunday while the most expensive was $4.65 per gallon, a difference of $1.29 per gallon.
The national average price of gasoline has risen 4.6 cents per gallon in the last week, averaging $3.83 per gallon on Monday. The national average is down 1 cent per gallon from a month ago and stands 19.9 cents per gallon higher than a year ago, according to GasBuddy data.
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.32 to 8.31 million barrels per day last week. Meanwhile, total domestic gasoline stocks jumped from 214.7 to 220.3 million barrels. Although gas demand has dropped amid increasing stocks, elevated oil prices have pushed pump prices higher.
At the close of last Wednesday’s formal trading session, West Texas Intermediate decreased by 32 cents to settle at $88.52. Oil prices fell after EIA reported that total domestic commercial crude inventories increased by 4 million barrels to 420.6 million barrels. However, earlier in the week, crude prices rallied amid ongoing market concern that global oil supply will remain tight for the remainder of 2023. According to the International Energy Agency’s September Oil Market Report, production cuts from Saudi Arabia and other members of OPEC will lead to an oil supply shortfall this fall and winter.