Gas prices are falling in Pennsylvania, where the average was $3.86 per gallon on Monday, according to GasBuddy.
In Western Pennsylvania, the average was $3.927 per gallon, according to AAA East Central. In Bradford, that average was $3.822 on Monday, the same as in Brookville, while in DuBois, the average was $3.925; in Erie, $3.958; and in Warren, $3.998.
Prices in Pennsylvania are 1.3 cents per gallon higher than a month ago and stand 10.8 cents per gallon higher than a year ago. The national average price of diesel has fallen 0.7 cents in the last week and stands at $4.52 per gallon, according to GasBuddy price reports. The cheapest station in Pennsylvania was priced at $3.29 per gallon on Sunday while the most expensive was $4.65 per gallon, a difference of $1.36 per gallon.
The national average price of gasoline has fallen 3.5 cents per gallon in the last week, averaging $3.77 per gallon as of Sunday. The national average is down 2.8 cents per gallon from a month ago and stands 1 cent per gallon lower than a year ago, according to GasBuddy data.
“While this week saw average gasoline prices moving higher again in the West, most of the nation saw a noticeable decline in gasoline prices,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, with California allowing the transition to winter gasoline to begin immediately, easing supply concerns, we’re likely to see nearly the entire country see gasoline prices trend lower in the week ahead.”
De Haan said California’s prices should fall below $6 this week, and possibly lower later this year.
“Areas of Arizona, Las Vegas and Reno could fall back below $4 by the end of the year as well,” he said. “While the trend is likely to be a strong one to the downside, small issues here and there could temporarily delay the onset of lower prices, but for now, motorists need not be in any rush: lower gas prices are on the way for every U.S. state in the weeks ahead.”
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.41 to 8.62 million barrels per day last week; however, it is below last year’s rate of 8.83 million barrels per day during the same week in September 2022. Meanwhile, total domestic gasoline stocks increased by 1 million barrels to 220.5 million barrels. Growing supply, amid tepid demand, has pushed prices lower. Still, fluctuating oil prices have limited seasonal price decreases typically seen as the country settles into the lower-demand fall driving season.
At the close of last Wednesday’s formal trading session, West Texas Intermediate increased by $3.29 to settle at $93.71. Oil prices rose sharply after the EIA reported that total commercial crude stocks decreased by 2.2 million barrels to 416.3 million barrels last week. The market is concerned that tight supply may not be robust enough to meet demand for the remainder of 2023.
