Gas prices are falling in Pennsylvania, but have risen across the nation during the past week.
AAA East Central said Western Pennsylvania was averaging $3.393 a gallon, a penny cheaper, while GasBuddy reported the national average creeped up 4.5 cents per gallon to $3.07.
In Bradford, the average was higher than both at $3.587. In Brookville, it was $3.198; in DuBois, $3.214; in Erie, $3.239; and in Warren, $3.599.
The national average is down 4.1 cents per gallon from a month ago and stands 41.2 cents per gallon lower than a year ago. According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $2.95 per gallon Sunday while the most expensive was $4.03 per gallon, a difference of $1.08 per gallon.
“We’ve seen the national average price of gasoline bounce back up after cold weather related refinery shutdowns pushed up the wholesale price of gasoline,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Plus, recent GDP data and new attacks in the Red Sea have pushed oil prices to their highest level since November.
“While prices have inched up and may continue to slowly rise, I believe the larger increases will be witnessed in a few weeks as we enter mid-February, lasting through April or May, during which the national average could rise 35 to 85 cents per gallon,” he predicted. “Other issues and tensions could complicate how quickly prices rise or how high they go, so while the rise is not completely charted, it could deviate from our expectations.”
According to new data from the Energy Information Administration (EIA), gas demand dipped from 8.27 to 7.89 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 4.9 million barrels to 253 million barrels. Due to fluctuating oil prices, lower gas demand, and rising stocks, pump price increases have been limited.
At the close of Wednesday’s formal trading session, West Texas Intermediate increased by 72 cents to settle at $75.09. Oil prices rose after the EIA reported that total domestic commercial crude stocks decreased significantly by 9.2 million barrels to 420.7 million barrels.
